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"value": "Reporting entityNSI N.V. (registration number Chamber of Commerce: 36040044; hereinafter \u2018NSI\u2019, or the \u2018company\u2019), with its principalplace of business in Hoogoorddreef 62, 1101 BE Amsterdam, theNetherlands and its registered office in Amsterdam, the Neth-erlands is a real estate company, primarily focussing on offices. These consolidated financial statements are presented for the company and its subsidiaries (together referred to as the \u2018Group\u2019).The company is licensed pursuant to the Dutch Financial Supervision Act (Wet op het financi\u00eble toezicht). NSI N.V. is listed on Euronext Amsterdam.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
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"value": "Reporting entityNSI N.V. (registration number Chamber of Commerce: 36040044; hereinafter \u2018NSI\u2019, or the \u2018company\u2019), with its principalplace of business in Hoogoorddreef 62, 1101 BE Amsterdam, theNetherlands and its registered office in Amsterdam, the Neth-erlands is a real estate company, primarily focussing on offices. These consolidated financial statements are presented for the company and its subsidiaries (together referred to as the \u2018Group\u2019).The company is licensed pursuant to the Dutch Financial Supervision Act (Wet op het financi\u00eble toezicht). NSI N.V. is listed on Euronext Amsterdam.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
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"value": "Basis of preparationSignificant accounting policiesThe accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2023.Statement of complianceThe financial statements have been prepared in accordance with IFRS Accounting Standards as adopted in the European Union and with Title 9 of Book 2 of the Dutch Civil Code.The financial statements were prepared by the Company\u2019s Management and approved by the Supervisory Board on 6 March 2025. The financial statements will be submitted to the General Meeting of Shareholders on 17 April 2025 for adoption.Unless stated otherwise, all amounts in the financial state-ments are in thousands of euros, the euro being the company\u2019s functional currency, and are rounded off to the nearest thou-sand. There could be minor rounding off differences between in the figures presented.The statement of comprehensive income, the statement of financial position, the cash flow statement and the statement of changes in shareholders\u2019 equity make reference to the notes in the financial statements to provide more information. The financial year of NSI presents the period from 1 January until 31 December.Assumptions and estimation uncertaintiesThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assump-tions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estima-tion uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2023. The most significant assumption relates to the unobservable information used in the valua-tion of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the invest-ment properties under construction and timing of capitalisa-tion of interest for the development projects, determination of ground lease terms Valuation principlesThe financial statements have been prepared on the basis of historical cost except for investment property, investment property under construction and derivative financial instruments, which are subsequently measured at fair value.The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.These financial statements are drawn up based on a going concern whereby the assumption of continuity is, amongst others, based upon the overall financial position, the cashflow forecast and the availability of funding under the committed credit facility (reference is made to note 18 and 23). Measurement at fair valueA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2022 Level 1: valuation on the basis of quoted prices in activemarkets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external)observable information;\u2022 Level 3: valuation of assets or liabilities based wholly orpartially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is catego-rised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all signif-icant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classi-fication into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.Further information about the assumptions made in measuring fair value is included in the following notes:\u2022 Note 11 - Investment property;\u2022 Note 23 - Financial instruments;\u2022 Note 24 - Remuneration Management Board",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"value": "Significant accounting policiesThe accounting policies adopted in the preparation of the consolidated financial statements are consistent with those followed in the preparation of the Group\u2019s annual consolidated financial statements for 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__15": {
"value": "Statement of complianceThe financial statements have been prepared in accordance with IFRS Accounting Standards as adopted in the European Union and with Title 9 of Book 2 of the Dutch Civil Code.",
"dimensions": {
"concept": "ifrs-full:StatementOfIFRSCompliance",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__16": {
"value": "The financial statements were prepared by the Company\u2019s Management and approved by the Supervisory Board on 6 March 2025. The financial statements will be submitted to the General Meeting of Shareholders on 17 April 2025 for adoption.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
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"value": "Unless stated otherwise, all amounts in the financial state-ments are in thousands of euros, the euro being the company\u2019s functional currency, and are rounded off to the nearest thou-sand. There could be minor rounding off differences between in the figures presented.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"value": "Assumptions and estimation uncertaintiesThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assump-tions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estima-tion uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2023. The most significant assumption relates to the unobservable information used in the valua-tion of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the invest-ment properties under construction and timing of capitalisa-tion of interest for the development projects, determination of ground lease terms",
"dimensions": {
"concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"value": "Assumptions and estimation uncertaintiesThe preparation of the financial statements requires that the Management Board forms opinions, estimates and assump-tions that affect the application of accounting principles and reported figures for assets, liabilities, income and expenses. Actual results may differ from these estimates. The significant judgements made by management in applying the Group\u2019s accounting policies and the key sources of estima-tion uncertainty were the same as those that applied to the consolidated financial statements as at and for the year ended 31 December 2023. The most significant assumption relates to the unobservable information used in the valua-tion of the investment property. Other judgements are made relating to the deferred tax assets, the feasibility of the invest-ment properties under construction and timing of capitalisa-tion of interest for the development projects, determination of ground lease terms",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__20": {
"value": "The accounting principles applied to the valuation of assets and liabilities and the determination of results in financial statements are based on the assumption of continuity (going concern) of the company.These financial statements are drawn up based on a going concern whereby the assumption of continuity is, amongst others, based upon the overall financial position, the cashflow forecast and the availability of funding under the committed credit facility (reference is made to note 18 and 23).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__21": {
"value": "Measurement at fair valueA number of accounting policies and disclosures require the measurement of fair value for both financial and non-financial assets and liabilities.Significant valuation issues are reported to the company\u2019s audit committee.In measuring the fair value of an asset or a liability, the company uses observable market data as much as possible. Fair value measurements are categorized into different levels of a fair value hierarchy based on the inputs applied to the valuation techniques. The different levels are defined as follows:\u2022 Level 1: valuation on the basis of quoted prices in activemarkets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external)observable information;\u2022 Level 3: valuation of assets or liabilities based wholly orpartially on (external) unobservable information.If the input parameters used to measure the fair value of an asset or a liability may be categorised into different levels of the fair value hierarchy, the fair value measurement is catego-rised entirely in the level of the lowest level input that is significant to the entire measurement.The company recognises reclassifications between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.The company has established a control framework with regard to the measurement of fair values. This includes a valuation team that has overall responsibility for overseeing all signif-icant fair value measurements, including Level 3 fair values. The valuation process is supervised by the Management Board.The valuation team regularly reviews significant unobservable inputs and valuation adjustments. If third-party information is used to measure fair value, NSI assesses and documents the third-party data to verify that the valuations and their classi-fication into different levels of the fair value hierarchy comply with IFRS, including their level in the fair value hierarchy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__23": {
"value": "Main principles for financial reportingPrinciples for consolidationSubsidiariesSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corpo-rate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties, at the fair value at that time, into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated financial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.Elimination of intragroup transactionsIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.Foreign currencyForeign currency translationAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.Investment propertyInvestment property consists of investment property in opera-tion and investment property under construction.Investment property in operationInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the invest-ment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valuations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valuation firms for individual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the esti-mated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten years including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable trans-actions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduc-tion of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recognised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value at the moment of sale. If an investment property is sold, the cumulative positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclas-sification as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for admin-istrative processing purposes.Investment property under constructionInvestment property under construction is referred to as \u2018investment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construction. Capitalisation of costs related to the development project commences as soon as it is probable that future economic benefits associated with the development of the property will flow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calcu-lated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associated with NSI raising funds. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reliably, management considers amongst others the following criteria:\u2022 The status of the required construction;\u2022 The status of the construction contract;\u2022 Level of reliability of cash inflows after completion.If the fair value cannot be measured reliable, investment prop-erty under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under con-struction is transferred to investment property in operation.Intangible fixed assetsIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capitalised costs are reduced by cumulative amortisation and cumulative impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.Tangible fixed assetsTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumulative depreciation and any cumulative impair-ment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unrealised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consol-idated statement of comprehensive income under adminis-trative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary. Impairment non-financial fixed assetsThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indication exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depreciation or amortisation that would have been determined had no impairment loss been recognised.Financial instrumentsNSI classifies non-derivative financial assets in the categories:\u2022 Lease incentives;\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Debts to credit institutions.Non-derivative financial assets and liabilities - recognitionNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substan-tially all the risks and benefits related to the ownership of the asset are transferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the transferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.Non-derivative financial assets - measurementLoans and debtors and other receivablesLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Cash and cash equivalentsCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash manage-ment are included in cash and cash equivalents and amounts owed to credit institutions in the consolidated statement of financial position and the consolidated cash flow statement.Non-derivative financial liabilities - measurementInterest bearing loansInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calculated using the net present value method at the market interest rates prevailing on 31 December 2024 (including margin).Any redemption of interest-bearing debt within one year is recognised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying book value of the financial liability extinguished and the consideration paid is then recog-nised in the statement of comprehensive income account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.Creditors and other payables Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recog-nition, these financial liabilities are measured at amortised cost using the effective interest method.Derivative financial instrumentsNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially and subsequently recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immediately recognised in the consolidated statement of comprehensive income. In 2024 hedge accounting has not been applied. The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial deriva-tive were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on deriva-tives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year. Prepayments and deferred incomePrepayments and deferred income are carried at costs less any accumulated impairment losses.EquityOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the Retained earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the considera-tion paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.Corporate income taxTax statusUp to end of 2022, NSI and most of its subsidiaries had the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969. This means no corporate income tax is owed under certain conditions. The main condi-tions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of invest-ment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. Due to a change in legislation, as from 2025 FBI\u2019s can no longer directly invest in Dutch real estate. In 2023, NSI has undergone a restructuring in which most of the properties are now in separate entities, which are subject to corporate income tax. NSI N.V. intends to remain an FBI. Corporate income taxCorporate income tax consists of taxes currently payable and receivable and movements in deferred tax assets and deferred tax liabilities.Current tax consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deduct-ible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.Deferred tax assets are recognised as income tax to be reclaimed in future periods relating to offsetable temporary differences between book value and the fiscal value of assets and liabilities. They also relate to the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that future taxable benefits will be available against which unused tax losses and tax credits can be utilised. Deferred tax assets are only recognised if it is likely that the temporary differences will be settled in the near future and sufficient taxable profit will be available for settlement. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.Deferred tax liabilities are recognised for income tax payable in future periods on taxable temporary differences between the book value of assets and liabilities and their fiscal book value.Deferred tax recognised in the statement of comprehensive income is the movement in deferred tax assets and deferred tax liabilities during the period.Deferred tax assets and liabilities are netted if there is a legally enforceable right to offset the tax assets and liabilities and when the deferred assets and liabilities concern the same tax regime.IncomeRental incomeThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agree-ment may be terminated. The resulting accrued income is included in the fair value of the respective investment proper-ties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of comprehensive income in the period in which the contractual requirements are met.Service costs recharged to tenantsService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etcetera, costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.Net result on sale of investment propertyProceeds from the sale of investment properties are recog-nised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties. CostsService costs not rechargedService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations on service costs. Operating costsOperating costs consist of costs directly related to the operation of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Administrative costsAdministrative costs include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and other overhead costs.Costs relating to the commercial, technical and administrative management of investment properties are included in the operating costs. Costs relating to the supervision and moni-toring of investment projects are capitalised on the basis of hours spent.Financing income and costsFinancing income and costs consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps. As a result of the recognition of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renovation or expansion of an investment property are capital-ised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.The net financing result also includes the profits and losses arising from changes in the fair value of the derivative financial instruments.Employee benefitsDefined contribution pension planLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.Management Board variable remunerationThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI is for the CEO based on 2022 to 2024, whereas the LTI for the CFO is based on the period May to December 2024. It is capped at 90% of the base salary for the CEO and at 45% of the base salary for the CFO, whereas the STI is based on 2024 only and is capped at 24% of the base salary for the CEO and at 36% of the base salary for the CFO.At the end of 2024, the total obligation was calculated and recognised as an expense with a corresponding increase in liabilities.Shareholding requirementTo further stimulate long-term value creation, NSI applies a shareholding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s shareholders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a requirement of at least 75% of the appli-cable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.Cash flow statementOperating cash flows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit insti-tutions also include overdraft facilities which are part of NSI's cash management policy. Segment informationAll operating results of an operating segment are assessed periodically by the Management Board in order to decide on the allocation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.Assets and liabilities and activities which cannot be directly assigned to the abovementioned segments, are reported under \u201cCorporate\u201d.",
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"language": "en",
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"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__22": {
"value": "Principles for consolidationSubsidiariesSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corpo-rate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties, at the fair value at that time, into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated financial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.Elimination of intragroup transactionsIntragroup balances and transactions as well as any unrealised profits and losses on intragroup transactions are eliminated, except where there are indications for impairment.",
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"concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__25-1": {
"value": "SubsidiariesSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corpo-rate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties, at the fair value at that time, into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated financial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.25. Related partiesThe following parties qualify as related parties: \u2022 The company and its subsidiaries;\u2022 Its Supervisory Board members and;\u2022 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. Interests of major investorsNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2024 31 December 2023First Sponsor Group Limited 22.0% -Compass Asset Management SA 5.1% -BlackRock Inc. 3.0% 5.6%ICAMAP Investments SARL - 10.0%Clearance Capital Limited - 5.1%Supervisory Board and Management Board MembersThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. Remuneration of the Supervisory Board2024 2023Jan-Willem de Geus 56 59Jan-Willem Dockheer 44 44Margreet Haandrikman 44 44Marlies Janssen (as from 28 February 2024) 36 -Karin Koks-van der Sluis (up to 19 April 2024) 13 48Harm Meijer (up to 19 June 2023) - 20Neo Teck Pheng (as from 30 September 2024) 9 - Remuneration of the Supervisory Board 201 215Waived remuneration Neo Teck Pheng (provision to be released in 2025) -9 -Remuneration Supervisory Board (corrected for waived remuneration) 192 215A provision was made in 2024 for the Supervisory Board fee and expenses of Mr. Neo based on his time served as member since 1 October 2024. Mr. Neo has waived his SB fee and his right to reimbursement of (travel) expenses. This provision will therefore be released in 2025.The schedule includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2024. Mr. Neo Teck Pheng is the Group CEO and Executive Director of First Sponsor Group Limited, holding 22.0% of the shares as per 31 December 2024.Remuneration of the Management Board2024SalaryVariableSocial Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 102 16 21 -12 563 18,600Alianne de Jong (up to 15 November 2023) - - -3 - - - -3 -Elke Snijder (as from 1 May 2024) 247 101 77 11 11 3 450 1,031Remuneration of the Management Board 683 101 176 27 32 -9 1,010 19,6312023Salary Variable Social Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 82 15 20 2 554 1 7,70 0Alianne de Jong (up to 15 November 2023) 295 - 96 13 14 -9 409 8,522Remuneration of the Management Board 730 - 178 28 34 -7 963 26,222NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. As the CFO only started as per 1 May 2024, the LTI of the CFO covers the period May to December 2024. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addition, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel reten-tion rate and sustainability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2024, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 98k (STI) and for the former CFO to \u20ac 100k (STI). The provision included in the balance sheet as per end of December 2024 amounts to \u20ac 269k. The provisions for the CEO and CFO on 31 December 2024 amount to respectively \u20ac 91k (STI) and \u20ac 178k (LTI of \u20ac 101k, STI of \u20ac 77k).The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2024.No share options and no loansNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..",
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"concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__24": {
"value": "SubsidiariesSubsidiaries are entities over which NSI has decisive control. There is a situation of control if the company\u2019s involvement in the entity exposes or entitles it to variable returns and the company has the ability to influence such returns using its control in the entity.In 2023 the legal structure of NSI was adjusted in order to limit the effects of the forthcoming abolishment of the corpo-rate tax regime for fiscal investment funds in 2025. As a result NSI has transferred its properties, at the fair value at that time, into separate legal entities whereby NSI N.V. acts as an FBI with indirect investments in property.The results of subsidiaries are included in the consolidated financial statements from the date of commencement of control until the date on which the control ends. A full list of subsidiaries included in the consolidated financial statements can be found in note 25.",
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"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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},
"f1__s7__6__26": {
"value": "Foreign currencyForeign currency translationAssets and liabilities denominated in foreign currency are converted into euros using the exchange rate prevailing on the balance sheet date. Transactions in foreign currency are converted into euros at the exchange rate prevailing on the transaction date. Exchange rate differences arising from conversion are recognised in the consolidated statement of comprehensive income.",
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"concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__27": {
"value": "Investment propertyInvestment property consists of investment property in opera-tion and investment property under construction.Investment property in operationInvestment property in operation consists of real estate that is held to generate rental income or value, or a combination of both, but that is not intended for sale in the ordinary course of business.Investment property is initially recognised as from the date of transfer of the legal title at cost (including all costs relating to the purchase, such as legal costs, transfer tax, estate agent fees, costs of due diligence and other transaction costs). Subsequent measurement of investment property is at fair value.The fair value of the right of use of leasehold is added to the fair value of the investment property and as such included in the balance sheet value of investment property in operation. Future leasehold obligations are valued at net present value of the future lease payments.For all properties in the portfolio the fair value of the invest-ment property is appraised by external registered appraisers twice a year. In principle, valuations may only be performed and provided by appraisers registered with the Dutch register of property appraisers (Nederlands Register van Vastgoed Taxateurs). Valuations are performed on the basis of the guidance of the RICS Red Book. NSI works with at least two valuation firms. The valuation firms for individual properties are changed every three years in accordance with the RICS guidelines. The valuations are assessed and analysed by the Management Board and by asset management considering the methods and assumptions applied, as well as the outcome.The fair value is based on the market value (adjusted for purchase costs such as transfer tax). This means that the esti-mated price on the date of valuation at which a property could be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well- informed parties.The fair value is calculated using primarily the capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten years including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the property type, location, maintenance condition and letting potential of each property, and are based on comparable trans-actions, along with market-specific and property-specific data.Key assumptions in the valuations are yields. Market rent, future capital expenditure (investments), ground lease and maintenance assumptions are also taken into account in the valuations. Further, assumptions are made for each tenant and for each vacant unit with regard to the probability of letting and (re)letting, the number of months of vacancy, incentives and letting costs. Adjustments are made to the present value of differences between the market rent prices and the rent price contractually agreed. The valuation is made after deduc-tion of transaction expenses borne by buyers.Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value. Changes to the fair value of investment properties are included in the consolidated statement of comprehensive income in the period in which they occur. Profits or losses on the sale of an investment property are recognised in the period in which the sale occurs as the difference between the net sales proceeds and the fair value at the moment of sale. If an investment property is sold, the cumulative positive revaluation, if any, is transferred from the revaluation reserve to retained earnings. Investment property is derecognised when it has been sold and control has been transferred.If the use of a property becomes owner occupied and a reclas-sification as a tangible fixed asset is required, the fair value at the date of reclassification becomes the cost price for admin-istrative processing purposes.Investment property under constructionInvestment property under construction is referred to as \u2018investment property under construction\u2019 for the purpose of future lease activity. A property is considered as investment property under construction either if NSI is developing a new property or if NSI considers that for continued future use of an existing property a major (re-)development is required and the property is no longer available for letting. At that moment the investment property in operation is transferred to investment property under construction. Capitalisation of costs related to the development project commences as soon as it is probable that future economic benefits associated with the development of the property will flow to the entity and the cost of the project can be measured reliably. The costs associated with investment property under construction consists of all the directly attributable costs required to complete the project, including internal costs of employee benefits arising directly from the development project and borrowing costs. The borrowing costs concern capitalised interest and the financing component of leasehold agreements, which are charged as from the date capitalisation of costs commences until the date of delivery, and is calcu-lated based on the average cost of debt of NSI. The cost of debt includes interest and all other costs associated with NSI raising funds. If the fair value can be measured reliable, investment property under construction is valued at fair value. In order to evaluate whether the fair value of a property under construction can be measured reliably, management considers amongst others the following criteria:\u2022 The status of the required construction;\u2022 The status of the construction contract;\u2022 Level of reliability of cash inflows after completion.If the fair value cannot be measured reliable, investment prop-erty under construction is valued at cost, including capitalised interest. At the date of delivery the investment property under con-struction is transferred to investment property in operation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__28": {
"value": "Subsequent expenditures are only included in the value of the property if it is probable that future economic benefits related to these investments or expenses would benefit the company. All other costs of maintenance and repairs are recognised as costs at the moment that they are incurred. No depreciation is made on investment properties, given that they are recognised at fair value",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRepairsAndMaintenanceExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__29": {
"value": "Intangible fixed assetsIntangible assets only consist of software.Development and implementation costs relating to purchased and/or developed software are capitalised based on the costs of acquiring the software and taking it into operation. The capitalised costs are reduced by cumulative amortisation and cumulative impairment losses.Amortisation is calculated to write off the costs of intangible fixed assets less their estimated residual value on a straight-lined basis over their estimated useful life. Amortisation is recognised in the statement of comprehensive income. The estimated useful economic lives of capitalised software is 3 years.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__30": {
"value": "Tangible fixed assetsTangible fixed assets consist of real estate (office building) fully or partly used by the company, its furniture and fixtures and office equipment (hardware). These assets are valued at cost, less cumulative depreciation and any cumulative impair-ment losses.Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.If a property used by the company changes into an investment property, the property is revalued on the basis of fair value and reclassified as an investment property. Any gain arising from this revaluation is recognised in the result insofar as the gain results in a reversal of a previously recognised impairment loss for that specific property. Any residual gain is recognised in the unrealised results and is reported in the revaluation reserve. Any loss is recognised in the result.Depreciation of tangible fixed assets is charged to the consol-idated statement of comprehensive income under adminis-trative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__31": {
"value": "Furthermore, the value of the right of use of lease cars is included under tangible fixed assets following the IFRS 16 standard. The right of use of car leases are valued at net present value of the future lease payments at the time of capitalisation, less cumulative depreciation.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__33": {
"value": "Depreciation of tangible fixed assets is charged to the consol-idated statement of comprehensive income under adminis-trative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__32-1": {
"value": "Depreciation of tangible fixed assets is charged to the consol-idated statement of comprehensive income under adminis-trative costs and is calculated using the straight-line method based on the estimated useful life and residual value of the asset concerned. Land is not depreciated.The estimated useful life is as follows:\u2022 Real estate in own use: 25 years;\u2022 Furniture and fixtures: 4 years;\u2022 Hardware: 3 years.Depreciation of right of use lease cars is calculated using the straight-line method over the contractual lease period of the asset concerned.The applied methodology of calculating depreciation, useful life and residual value is assessed at the end of every book year and adjusted if necessary.CostsService costs not rechargedService costs not recharged to tenants mainly relate to vacant properties, in which situation these costs cannot be recharged to tenants and / or to other irrecoverable service costs as a result of contractual limitations on service costs. Operating costsOperating costs consist of costs directly related to the operation of the investment properties, such as property management, municipal taxes, insurance premiums, maintenance costs, letting costs and other business expenses. Except for letting fees, these costs are charged to the result when they occur. Letting fees are straight-lined over the remaining lease term of the related contract until the first possible moment of termination by the tenant. The resulting accrued income is included in the fair value of the respective investment properties by the external appraisers and is separated in the balance sheet for reporting purposes.Administrative costsAdministrative costs include staff costs, office expenses, consultancy fees, remuneration of Supervisory Board members and other overhead costs.Costs relating to the commercial, technical and administrative management of investment properties are included in the operating costs. Costs relating to the supervision and moni-toring of investment projects are capitalised on the basis of hours spent.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__35": {
"value": "Impairment non-financial fixed assetsThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indication exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depreciation or amortisation that would have been determined had no impairment loss been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__34": {
"value": "Impairment non-financial fixed assetsThe carrying value of the non-financial assets of the Group, excluding the market value of investment properties corrected for lease incentives, are reviewed at each reporting date to determine whether there are indications for impairment. If any such indication exists, an estimate is made of the recoverable amount of the asset.The recoverable amount of an asset or cash-generating unit is the highest of the value in use or the fair value less costs of disposal. In assessing value in use, the present value of the estimated future cash flows is calculated using a pre-tax discount rate that reflects current market assessments of the time value of money as well as the risks specific to the asset or cash-generating unit.An impairment loss is recognised if the book value of the asset or cash-generating unit to which the asset belongs is higher than the estimated recoverable value. Impairment losses are recognised in profit or loss. They are deducted on a pro rata basis from the book value of each asset in the cash-generating unit. Impairment losses are reversed only to the extent that the asset's book value does not exceed its book value, net of any depreciation or amortisation that would have been determined had no impairment loss been recognised.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__37-1": {
"value": "Financial instrumentsNSI classifies non-derivative financial assets in the categories:\u2022 Lease incentives;\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Debts to credit institutions.Non-derivative financial assets and liabilities - recognitionNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substan-tially all the risks and benefits related to the ownership of the asset are transferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the transferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.Non-derivative financial assets - measurementLoans and debtors and other receivablesLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Cash and cash equivalentsCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash manage-ment are included in cash and cash equivalents and amounts owed to credit institutions in the consolidated statement of financial position and the consolidated cash flow statement.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__36": {
"value": "Financial instrumentsNSI classifies non-derivative financial assets in the categories:\u2022 Lease incentives;\u2022 Debtors and other receivables;\u2022 Cash and cash equivalents.NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Debts to credit institutions.Non-derivative financial assets and liabilities - recognitionNSI initially recognises financial assets and financial liabilities at the transaction date.NSI no longer recognises a financial asset in the balance sheet if the contractual rights to the cash flows from the asset expire, or if NSI transfers the contractual rights to receive cash flows from the financial asset through a transaction in which substan-tially all the risks and benefits related to the ownership of the asset are transferred, or if NSI neither transfers or retains the risks and benefits related to ownership of the asset, nor has control over the transferred asset. If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.Non-derivative financial assets - measurementLoans and debtors and other receivablesLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables. Cash and cash equivalentsCash and cash equivalents are recognised and subsequently valued at amortised costs and consist of cash and bank balances. Current account overdrafts that are payable on demand and which form an integral part of NSI\u2019s cash manage-ment are included in cash and cash equivalents and amounts owed to credit institutions in the consolidated statement of financial position and the consolidated cash flow statement.Non-derivative financial liabilities - measurementInterest bearing loansInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calculated using the net present value method at the market interest rates prevailing on 31 December 2024 (including margin).Any redemption of interest-bearing debt within one year is recognised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying book value of the financial liability extinguished and the consideration paid is then recog-nised in the statement of comprehensive income account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.Creditors and other payables Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recog-nition, these financial liabilities are measured at amortised cost using the effective interest method.Derivative financial instrumentsNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially and subsequently recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immediately recognised in the consolidated statement of comprehensive income. In 2024 hedge accounting has not been applied. The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial deriva-tive were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on deriva-tives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__38-1": {
"value": "NSI has the following non-derivative financial liabilities: \u2022 Interest bearing loans;\u2022 Creditors and other payables;\u2022 Debts to credit institutions.Non-derivative financial assets and liabilities - recognitionNSI initially recognises financial assets and financial liabilities at the transaction date.If NSI retains or creates an interest in the transferred financial assets, the interest is recognised as a separate asset or liability.NSI no longer recognises a financial liability in the balance sheet if the contractual obligations are waived or cancelled or have expired.Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.Non-derivative financial liabilities - measurementInterest bearing loansInterest-bearing loans are initially recognised at fair value, after deduction of attributable transaction costs. After initial recogni-tion, the interest-bearing loans are measured at amortised cost using the effective interest method.Interest-bearing loans include both fixed-rate and variable-rate loans. In principle, the fair value of the variable-rate loans is equal to their amortised cost. Part of the interest risk on the variable-rate loans is hedged through interest-rate swaps.In principle, the fair value of the fixed-rate loans is not equal to their amortised cost. The fair value of the fixed-rate loans is calculated using the net present value method at the market interest rates prevailing on 31 December 2024 (including margin).Any redemption of interest-bearing debt within one year is recognised as current liabilities.An interest-bearing debt is derecognised from the balance sheet when the interest-bearing debt is settled, annulled or cancelled. If an existing interest-bearing debt is exchanged by another from the same lender at substantially different terms or the terms of an existing interest-bearing debt substantially change, this will be accounted for as an extinguishment of the original financial liability and the recognition of a new financial liability. The difference between the carrying book value of the financial liability extinguished and the consideration paid is then recog-nised in the statement of comprehensive income account. If the conditions of the interest-bearing debts are adjusted, but this does not result in the annulment of the interest-bearing debt, any costs or fees incurred adjust the carrying amount of the liability and are amortised over the remaining term of the modified liability.Creditors and other payables Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recog-nition, these financial liabilities are measured at amortised cost using the effective interest method.Prepayments and deferred incomePrepayments and deferred income are carried at costs less any accumulated impairment losses.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__41": {
"value": "Financial assets and liabilities are only offset and the resulting net amount is only presented in the balance sheet if NSI has a legally enforceable right to offset and if it intends to offset on a net basis or to realise the asset and the liability simultaneously.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForOffsettingOfFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__42": {
"value": "Non-derivative financial assets - measurementLoans and debtors and other receivablesLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__43": {
"value": "Loans and debtors and other receivablesLoans and debtors and other receivables, excluding taxes and prepayments, are measured at initial recognition at fair value plus any directly attributable transaction costs. After initial recognition, loans and receivables are measured at amortised cost using the effective interest method.For loans and debtors and other receivables the Group applies the simplified approach, which requires expected lifetime losses to be recognised from initial recognition of the receivables.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__45": {
"value": "Creditors and other payables Creditors and other payables, excluding taxes and deferred income, are at initial recognition measured at fair value plus any directly attributable transaction costs. After initial recog-nition, these financial liabilities are measured at amortised cost using the effective interest method.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__48": {
"value": "Derivative financial instrumentsNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially and subsequently recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immediately recognised in the consolidated statement of comprehensive income. In 2024 hedge accounting has not been applied. The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial deriva-tive were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on deriva-tives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__47": {
"value": "Derivative financial instrumentsNSI uses derivative financial instruments to hedge (in full or in part) the interest rate risks associated with its finance activities. These derivatives are not held or issued for trading purposes.Derivatives are initially and subsequently recognised at fair value. Profits or losses arising from changes in the fair value of derivative financial instruments are immediately recognised in the consolidated statement of comprehensive income. In 2024 hedge accounting has not been applied. The fair value of the financial instruments is the amount the Group would expect to pay or receive if the financial deriva-tive were to be liquidated at balance sheet date, taking into account the interest rate on the balance sheet date and the current credit risk of the counterparties concerned as well as the credit risk of the Group. The interest payable on deriva-tives is incorporated in other payables. A derivative financial instrument is reported as a current asset or current liability if its remaining term to maturity is less than one year or if it is expected that it will be liquidated or settled within one year.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__50": {
"value": "EquityOrdinary shares are classified as shareholders\u2019 equity. External costs that can be attributed directly to the issuance of new shares are deducted from the Retained earnings reserve.The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__51": {
"value": "The increase in the paid-up and called-up capital relating to a stock dividend programme is deducted from the share premium reserve as well as the expenses relating to the stock dividend.When repurchasing NSI shares, the amount of the considera-tion paid including directly attributable costs, is recognised as a change in shareholders\u2019 equity. Cash dividends are deducted from the other reserves in the period in which the dividends are set.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForDividendsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__52": {
"value": "Corporate income taxTax statusUp to end of 2022, NSI and most of its subsidiaries had the status of a fiscal investment institution within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969. This means no corporate income tax is owed under certain conditions. The main condi-tions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments and fair value adjustment results on investment property are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by a Dutch Real Estate Investment Trust (FBI). Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of invest-ment properties may be performed, within certain limits, by a normal taxable subsidiary.To the best of the Management Board\u2019s knowledge the Group meets the legal requirements. Due to a change in legislation, as from 2025 FBI\u2019s can no longer directly invest in Dutch real estate. In 2023, NSI has undergone a restructuring in which most of the properties are now in separate entities, which are subject to corporate income tax. NSI N.V. intends to remain an FBI. Corporate income taxCorporate income tax consists of taxes currently payable and receivable and movements in deferred tax assets and deferred tax liabilities.Current tax consists of the sum of the expected tax payable or receivable on the taxable results for the year, taking into account earnings elements exempt from tax and non-deduct-ible costs whereby the tax rates applied are those prevailing on the balance sheet date or changed tax rates already known on the balance sheet date. The tax payable also includes any changes to tax payments made in previous years.Deferred tax assets are recognised as income tax to be reclaimed in future periods relating to offsetable temporary differences between book value and the fiscal value of assets and liabilities. They also relate to the carry forward of unused tax credits and any unused tax losses. Deferred tax assets are recognised to the extent that it is probable that future taxable benefits will be available against which unused tax losses and tax credits can be utilised. Deferred tax assets are only recognised if it is likely that the temporary differences will be settled in the near future and sufficient taxable profit will be available for settlement. The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilised.Deferred tax liabilities are recognised for income tax payable in future periods on taxable temporary differences between the book value of assets and liabilities and their fiscal book value.Deferred tax recognised in the statement of comprehensive income is the movement in deferred tax assets and deferred tax liabilities during the period.Deferred tax assets and liabilities are netted if there is a legally enforceable right to offset the tax assets and liabilities and when the deferred assets and liabilities concern the same tax regime.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__53": {
"value": "IncomeRental incomeThe rental income from investment property let on the basis of operating lease agreements is recognised in the consolidated statement of comprehensive income on a straight-line basis for the duration of the lease agreement.Rent-free periods, rent reductions and other lease incentives are reported as an integral part of total net rental income. These lease incentives are allocated over the term of the lease agreement until the first moment at which the lease agree-ment may be terminated. The resulting accrued income is included in the fair value of the respective investment proper-ties by the external appraisers and is separated in the balance sheet for reporting purposes.Compensations received or paid for leases terminated early are immediately recognised in the consolidated statement of comprehensive income in the period in which the contractual requirements are met.Service costs recharged to tenantsService costs can be charged on to the tenants. These charges mainly relate to gas, water, electricity, cleaning and security, etcetera, costs which can be recharged to tenants based on the lease agreement. NSI acts as principal with respect to service costs, whereby the costs incurred are recharged to the tenants, including an administrative fee.Net result on sale of investment propertyProceeds from the sale of investment properties are recog-nised when the control of the property is transferred to the purchaser.The profits or losses on the sale of investment properties are identified as the difference between the net proceeds of the sale and the carrying value of the investment properties.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__56": {
"value": "Financing income and costsFinancing income and costs consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps. As a result of the recognition of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renovation or expansion of an investment property are capital-ised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.The net financing result also includes the profits and losses arising from changes in the fair value of the derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__55": {
"value": "Financing income and costsFinancing income and costs consist of interest expenses on loans and debts, and interest income on outstanding loans and receivables attributable to the period, including interest income and expenses based on interest rate swaps. As a result of the recognition of interest-bearing debt based on amortised cost, financing expenses also include interest accrued on the interest-bearing debt.Financing expenses directly attributable to the purchase, renovation or expansion of an investment property are capital-ised as part of the integral cost of the property involved. The interest applied is the average interest paid by the Group in the respective currency.The net financing result also includes the profits and losses arising from changes in the fair value of the derivative financial instruments.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__57": {
"value": "Employee benefitsDefined contribution pension planLiabilities relating to contributions to defined contribution pension plans are recognised as costs in the period in which they occur. Prepayments are recognised as an asset insofar as a cash refund or a reduction in future payments is available. The pension arrangements are insured externally.Management Board variable remunerationThe variable remuneration component for the Management Board consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI is for the CEO based on 2022 to 2024, whereas the LTI for the CFO is based on the period May to December 2024. It is capped at 90% of the base salary for the CEO and at 45% of the base salary for the CFO, whereas the STI is based on 2024 only and is capped at 24% of the base salary for the CEO and at 36% of the base salary for the CFO.At the end of 2024, the total obligation was calculated and recognised as an expense with a corresponding increase in liabilities.Shareholding requirementTo further stimulate long-term value creation, NSI applies a shareholding requirement to align the interests of the members of the Management Board with the interests of the company\u2019s shareholders. The CEO is required to hold NSI shares with a value of at least 125% of the applicable annual (gross) base salary; a requirement of at least 75% of the appli-cable annual (gross) base salary applies to the CFO. The Board members are required to invest respectively one-third and two-thirds of the net payments resulting from the short-term and long-term incentive schemes to acquire NSI shares until the shareholding requirement has been met. Before reaching the required value in shares, members of the Management Board are not allowed to sell any of the NSI shares they have acquired by investing these net payments. This shareholding requirement continues to be applicable during one year after the end of the membership of the Management Board of NSI. The Supervisory Board will evaluate at the end of each financial year the extent to which the shareholding requirement is met.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__58": {
"value": "Cash flow statementOperating cash flows are reported on the basis of the indirect method. Cash and cash equivalents and debts to credit insti-tutions also include overdraft facilities which are part of NSI's cash management policy.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__59": {
"value": "Segment informationAll operating results of an operating segment are assessed periodically by the Management Board in order to decide on the allocation of resources to the segment and to assess performance, based on the confidential financial information available.The Management considers the business from the nature of the investment property and assesses performance for \u201cAmsterdam\u201d, \u201cOther G4\u201d, and \u201cOther Netherlands\u201d. A segment consists of assets and activities with specific risks and results, differing from other sectors.Assets and liabilities and activities which cannot be directly assigned to the abovementioned segments, are reported under \u201cCorporate\u201d.",
"dimensions": {
"concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__60": {
"value": "New and amended standards not appliedA number of new standards and amendments to standards and interpretations are effective for annual periods beginning after 1 January 2024. These standards and amendments did not have an impact on these consolidated financial statements:\u2022 Amendments to IAS 1, \u201cPresentation of Financial Statements: Classification of Liabilities as Current or Non-current Liabili-ties with Covenants\u201d;\u2022 Amendments to IFRS 16\u201d, \u2018Leases: Lease Liability in a Sale and Leaseback\u201d;\u2022 Amendments to IAS 7, \u201cStatement of Cash Flows\u201d and IFRS 7, \u201cFinancial Instruments: Disclosures: Supplier Finance Arrangements\u201d.There are no IFRS or IFRIC interpretations that are not yet effective which are expected to have a significant impact financial statements of NSI.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__61": {
"value": "1. Segment information2024Statement of comprehensive incomeAmsterdam Other G4 Other NL Corporate TotalGross rental income 37,112 24,294 11,325 - 72,731Service costs recharged to tenants 6,091 5,554 1,642 - 13,287Service costs -6,761 -6,849 -1,707 - -15,318Service costs not recharged -670 -1,295 -66 - -2,030Operating costs -4,699 -3,650 -1,274 - -9,622Net rental income 31,743 19,349 9,986 - 61,079Revaluation of investment property -26,669 4,797 -6,192 - -28,063Net result on sale of investment property 146 2,190 - 2,337Net result from investment 5,221 24,146 5,984 - 35,352Administrative costs - - - -8,298 -8,298Impairment of tangible and intangible fixed assets - - - -627 -627Other income and costs - - - -166 -166Financing income - - - 2 2Financing costs - - - -10,880 -10,880Movement in market value of financial derivatives - - - 2 2Net financing result - - - -10,876 -10,876Result before tax 5,221 24,146 5,984 -19,968 15,384Corporate income tax - - - -3,012 -3,012Total result for the year 5,221 24,146 5,984 -22,979 12,372Other comprehensive income - - - - -Total comprehensive income for the year 5,221 24,146 5,984 -22,979 12,372Attributable to shareholders 5,221 24,146 5,984 -22,979 12,372Statement of financial position as per 31 DecemberAmsterdam Other G4 Other NL Corporate TotalInvestment property 537,824 326,877 123,858 - 988,559Other assets 5,859 4,227 342 52,420 62,848Total assets 543,682 331,104 124,200 52,420 1,051,406Non-current liabilities 3,779 2,596 289 325,224 331,889Current liabilities 1,238 689 468 44,778 47,172Total liabilities 5,017 3,285 757 370,003 379,062Purchases of investment property and subsequent expenditures 6,822 24,990 1,283 - 33,0942023Statement of comprehensive incomeAmsterdam Other G4 Other NL Corporate TotalGross rental income 35,600 24,185 11,415 - 71,199Service costs recharged to tenants 5,706 5,782 1,987 - 13,475Service costs -6,789 -6,646 -1,966 - -15,402Service costs not recharged -1,083 -864 21 - -1,926Operating costs -5,182 -3,966 -1,704 - -10,852Net rental income 29,335 19,355 9,731 - 58,421Revaluation of investment property -153,754 -44,623 -25,583 - -223,959Net result on sale of investment property 5,282 -1 106 - 5,388Net result from investment -119,136 -25,269 -15,745 - -160,150Administrative costs - - - -9,120 -9,120Other income and costs - - - -81 -81Financing income - - - 37 37Financing costs - - - -8,385 -8,385Movement in market value of financial derivatives - - - -2,771 -2,771Net financing result - - - -11,120 -11,120Result before tax -119,136 -25,269 -15,745 -20,321 -180,471Corporate income tax - - - 38,101 38,101Total result for the year -119,136 -25,269 -15,745 1 7,780 -142,370Other comprehensive income - - - - -Total comprehensive income for the year -119,136 -25,269 -15,745 1 7,780 -142,370Attributable to shareholders -119,136 -25,269 -15,745 17,7 8 0 -142,370Statement of financial position as per 31 DecemberAmsterdam Other G4 Other NL Corporate TotalInvestment property 579,683 296,245 152,873 - 1,028,801Other assets 6,461 4,615 992 46,756 58,824Total assets 586,144 300,860 153,865 46,756 1,087,625Non-current liabilities 3,128 932 198 335,517 339,775Current liabilities 1,781 1,461 724 34,002 37,968Total liabilities 4,908 2,393 922 369,520 377,743Purchases of investment property and subsequent expenditures 15,056 4,102 311 - 19,469",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__63": {
"value": "2. Net rental incomeGross rental income Service costs not Operating costs Net rental incomerecharged 2024 2023 2024 2023 2024 2023 2024 2023Amsterdam 37,112 35,600 -670 -1,083 -4,699 -5,182 31,743 29,335Other G4 24,294 24,185 -1,295 -864 -3,650 -3,966 19,349 19,355Other Netherlands 11,325 11,415 -66 21 -1,274 -1,704 9,986 9,731Net rental income 72,731 71,199 -2,030 -1,926 -9,622 -10,852 61,079 58,421Gross rental income can be specified in the following components:2024 2023Gross rental income - offices / HNK 71,437 69,852Turnover rent / variable parking income 457 524Indemnities received 408 524HNK - meeting rooms 575 563HNK - hospitality services -3 91Other rental income / expense -142 -356Other gross rental income 1,295 1,347Gross rental income 72,731 71,199Gross rental income includes an amount of \u20ac 6.0m (2023: \u20ac 6.2m) for lease incentives.NSI leases out its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2024 31 December 2023First year 61,596 63,709Second to fourth year 124,899 120,892As of fifth year 58,241 68,131",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__62": {
"value": "2. Net rental incomeGross rental income Service costs not Operating costs Net rental incomerecharged 2024 2023 2024 2023 2024 2023 2024 2023Amsterdam 37,112 35,600 -670 -1,083 -4,699 -5,182 31,743 29,335Other G4 24,294 24,185 -1,295 -864 -3,650 -3,966 19,349 19,355Other Netherlands 11,325 11,415 -66 21 -1,274 -1,704 9,986 9,731Net rental income 72,731 71,199 -2,030 -1,926 -9,622 -10,852 61,079 58,421Gross rental income can be specified in the following components:2024 2023Gross rental income - offices / HNK 71,437 69,852Turnover rent / variable parking income 457 524Indemnities received 408 524HNK - meeting rooms 575 563HNK - hospitality services -3 91Other rental income / expense -142 -356Other gross rental income 1,295 1,347Gross rental income 72,731 71,199Gross rental income includes an amount of \u20ac 6.0m (2023: \u20ac 6.2m) for lease incentives.NSI leases out its investment properties on the basis of operating leases with various maturities. Each lease contract specifies the space, rent and rights and obligations of the landlord and the tenant, including notice periods, options to extend the rental period and provisions related to service costs. In general, the rent is indexed during the life of the rental agreement on an annual basis. The total annual rent to be received from operating lease agreements, until the first moment the tenant can cancel the rental agreement, is specified as follows:31 December 2024 31 December 2023First year 61,596 63,709Second to fourth year 124,899 120,892As of fifth year 58,241 68,131",
"dimensions": {
"concept": "ifrs-full:DisclosureOfRevenueExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__65-1": {
"value": "3. Operating costs2024 2023Leasehold 0 0Municipal taxes -2,959 -2,960Insurance premiums -686 -741Maintenance costs -1,229 -2,254Property management costs -3,635 -3,473Letting costs -1,331 -1,018Contribution to owner association -46 -114Doubtful debt costs -19 -19Other operating costs 283 -273Operating costs -9,622 -10,852Property management costs include administrative costs charged to operating costs for an amount of \u20ac 3.2m (2023: \u20ac 3.0m). Letting costs includes an amount of - \u20ac 0.2m (2023: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.0m (2023: \u20ac 0.0m) relates to operating costs of fully vacant properties.6. Administrative costs2024 2023Salaries and wages -6,089 -6,011Social security -812 -77 1Pensions -417 -413Depreciation right of use tangible fixed assets -276 -290Other staff costs -945 -1,327Staff costs -8,540 -8,813Compensation supervisory board -245 -252Depreciation and amortisation -325 -348Other office costs -1,257 -1,373Office costs -1,582 -1,721Audit, consultancy and valuation costs -1,656 -1,818Other administrative costs -925 -1,057Administrative costs -12,948 -13,661Allocated administrative costs 4,649 4,541Administrative costs -8,298 -9,120Administrative costs directly related to the operation of the investment property portfolio (\u20ac 3.2m; 2023: \u20ac 3.0m) are recharged to operating costs. Directly attributable costs related to (potential) development projects are capitalised as part of the respective project or recharged to feasibility costs (\u20ac 0.3m; 2023: \u20ac 0.7m). The staff costs concerning the daily operation of the HNK-properties (\u20ac 1.1m; 2023: \u20ac 0.8m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EmployeesOn average 69 employees (62 FTE), including the Management Board, were employed by NSI and HNK during the reporting year (2023: 67 employees (61 FTE)). As per 31 December 2024 the number of employees amounted to 69 (62 FTE).All employees are working in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__64-1": {
"value": "3. Operating costs2024 2023Leasehold 0 0Municipal taxes -2,959 -2,960Insurance premiums -686 -741Maintenance costs -1,229 -2,254Property management costs -3,635 -3,473Letting costs -1,331 -1,018Contribution to owner association -46 -114Doubtful debt costs -19 -19Other operating costs 283 -273Operating costs -9,622 -10,852Property management costs include administrative costs charged to operating costs for an amount of \u20ac 3.2m (2023: \u20ac 3.0m). Letting costs includes an amount of - \u20ac 0.2m (2023: - \u20ac 0.1m) for straight-lined letting investments and commissions.An amount of \u20ac 0.0m (2023: \u20ac 0.0m) relates to operating costs of fully vacant properties.6. Administrative costs2024 2023Salaries and wages -6,089 -6,011Social security -812 -77 1Pensions -417 -413Depreciation right of use tangible fixed assets -276 -290Other staff costs -945 -1,327Staff costs -8,540 -8,813Compensation supervisory board -245 -252Depreciation and amortisation -325 -348Other office costs -1,257 -1,373Office costs -1,582 -1,721Audit, consultancy and valuation costs -1,656 -1,818Other administrative costs -925 -1,057Administrative costs -12,948 -13,661Allocated administrative costs 4,649 4,541Administrative costs -8,298 -9,120Administrative costs directly related to the operation of the investment property portfolio (\u20ac 3.2m; 2023: \u20ac 3.0m) are recharged to operating costs. Directly attributable costs related to (potential) development projects are capitalised as part of the respective project or recharged to feasibility costs (\u20ac 0.3m; 2023: \u20ac 0.7m). The staff costs concerning the daily operation of the HNK-properties (\u20ac 1.1m; 2023: \u20ac 0.8m) are part of service costs and as such are allocated to the respective properties. The total of these costs is reported as \u201cAllocated administrative costs\u201d.EmployeesOn average 69 employees (62 FTE), including the Management Board, were employed by NSI and HNK during the reporting year (2023: 67 employees (61 FTE)). As per 31 December 2024 the number of employees amounted to 69 (62 FTE).All employees are working in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfExpensesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__66-1": {
"value": "4. Revaluation of investment property2024 2023Positive Negative Total Positive Negative TotalInvestment property in operation 12,788 -42,803 -30,015 - -193,937 -193,937Investment property under construction 4,648 -4,054 594 - -31,147 -31,147Revaluation - market value 17,436 -46,857 -29,421 - -225,084 -225,084Movement in right of use leasehold - - -80 - - -68Movement in lease incentives - - 1,437 - - 1,192Revaluation of investment property - - -28,063 - - -223,959Further details on revaluation can be found in note 11.5. Net result on sale of investment property 2024 2023Proceeds on sale of investment property 50,635 34,164Transaction costs on sale of investment property -142 -112Sale of investment property 50,493 34,052Book value at the time of sale (excl. right of use leasehold) -48,156 -28,665Net result on sale of investment property 2,337 5,388During 2024 three properties have been sold of which one in Amsterdam, one in Den Bosch and one in Eindhoven (last two segment \u2018Other Netherlands\u2019). Furthermore, a piece of land in Leiden was sold to the municipality.In 2023 three properties were sold of which one in Amsterdam and two in the segment \u2018Other Netherlands\u2019. The net result on sale of investment property includes an amount of -\u20ac 0.0m (2023: - \u20ac 0.2m) related to prior years\u2019 sales.Transaction costs on sale include the costs of real estate agents and legal fees.11. Investment propertyInvestment property consists of investment property in operation and investment property under construction:31 December 2024 31 December 2023Investment property in operation 936,656 969,591Investment property under construction 51,903 59,210Investment property 988,559 1,028,801Investment property in operation and investment property under construction are recognised at fair value. The fair value is deter-mined on the basis of level 3 of the fair value hierarchy. At 31 December 2024 100% (2023: 100%) of investment property were appraised by external appraisers. Both in 2023 and 2024 the appraisers were JLL, Colliers and Cushman & Wakefield. The newly acquired Sypesteyn in Utrecht was appraised by Savills in December 2024. The fair value is based on the market value (including buyer\u2019s costs, i.e. adjusted for purchase costs such as transfer tax). That means the estimated price on the date of valuation at which a property can be traded between a seller and a purchaser willing to enter into an objective, arm\u2019s length transaction preceded by sound negotiations between both well-informed parties.The valuations are determined on the basis of a capitalisation method, on the basis of a gross initial yield and the therefrom derived net initial yield calculation, whereby the net market rent prices are capitalised, and is subsequently validated by the DCF calculation method, based on the present value of the future cash flows for the next ten year including an exit value at the end of the tenth year. The respective outcomes of both methods are compared. The returns applied are specified for the type of invest-ment property, location, maintenance condition and letting potential of each property, and are based on comparable transactions, along with market-specific and property-specific knowledge.The table below summarises both valuation techniques used to determine the fair value of investment property, as well as the significant unobservable inputs used primarily for the capitalisation method. The respective outcomes of both methods are compared:Valuation technique Unobservable inputs Relationship between significant unobservable inputs and the fair value measurementCapitalisation method and net discounted cash flow The estimated fair value increases (decreases) if:calculation.The capitalisation method consists of a net initial Significant:yield calculation, whereby the net market rent \u2022 Gross initial yield / net initial yield \u2022 The gross / net yield is lower (higher)prices are capitalised by a yield percentage.The DCF valuation method is based on the present Other:value of net future cash flows to be generated by \u2022 Market rent (Estimated Rental Value) \u2022 The estimated market rent levels are higher the property, taking into account the expected (lower)increases in rent levels, periods of vacancy, costs \u2022 Rent free periods and other lease incentives \u2022 The periods of vacancy are shorter (longer)of letting incentives such as rent free periods and and periods of vacancy following expirations \u2022 The rent free periods are shorter (longer) other costs not covered by the tenant and the of a leaseestimated operating costs and capital expendi-\u2022 Operating expenses, capital expenditure and \u2022 The operating costs and capital are lower ture.ground lease expenses(higher)The expected net cash flows are discounted using a risk adjusted discount rate. The discount rate is estimated based on factors including the quality and location of the property, the creditworthiness of the tenant and the lease conditions.The fair value is the outcome of the (theoretical) rent divided by the net initial yield (expressed as a percentage) of the investment property. The yields applied are specific to the type of property, location, maintenance condition and letting potential of each asset. The yields are determined based on comparable transactions, as well as on market and asset-specific knowledge.Assumptions are made for each property, tenant and vacant unit based on the likelihood of letting (and reletting), the expected duration of vacancy (in months), incentives, capital expenditure and operating costs.The most important assumptions and input parameters used in the valuations are:2024 2023Average effective contractual rent per sqm (\u20ac):Amsterdam 264 259Other G4 223 220Other Netherlands 204 195Average market rent per sqm (\u20ac):Amsterdam 273 271Other G4 216 214Other Netherlands 213 203Average gross initial yield (%):Amsterdam 7.9% 7.4%Other G4 8.2% 8.6%Other Netherlands 8.0% 8.1%Investment property in operationThe movement in investment property in operation per segment was as follows:2024Amsterdam Other G4 Other NL TotalBalance as per 1 January 2024 520,474 296,245 152,873 969,591Acquisitions - 18,442 - 18,442Investments 5,393 6,837 1,283 13,513Revaluation -22,606 88 -6,192 -28,710Transfer from / to inv. property under construction -1,810 -10,264 - -12,074Disposals - - -24,105 -24,105Balance as per 31 December 2024 501,450 311,347 123,858 936,656Right of use leasehold as per 31 December 2024 -579 -834 - -1,412Lease incentives as per 31 December 2024 5,859 4,107 342 10,307Market value as per 31 December 2024 506,730 314,620 124,200 945,5502023Amsterdam Other G4 Other NL TotalBalance as per 1 January 2023 665,530 333,706 200,917 1,200,153Investments 9,546 4,102 311 13,959Revaluation -122,598 -44,623 -25,583 -192,804Transfer from / to inv. property under construction -26,510 3,060 - -23,450Disposals -5,494 - -22,772 -28,267Balance as per 31 December 2023 520,474 296,245 152,873 969,591Right of use leasehold as per 31 December 2023 -620 - -30 -649Lease incentives as per 31 December 2023 6,461 4,615 992 12,069Market value as per 31 December 2023 526,315 300,860 153,835 981,010CollateralOn 31 December 2024, no properties were mortgaged as security for loans drawn at banks. At the end of 2023, properties with a market value of \u20ac 172.4m were mortgaged as security for loans drawn at banks amounting to \u20ac 55.0m. Sensitivities to yield fluctuationsThe value of investment property implies an average gross initial yield of 8.0% (31 December 2023: 7.9%). Valuations can be affected by the general macro-economic and market environment, but also by local factors. For this reason NSI has performed a sensitivity analysis. If, on 31 December 2024, the yields applied for the valuation of investment property had been 50 basis points lower than the yields currently applied, the value of investment property would increase by 6.4% (31 December 2023: 6.4%). In that case NSI\u2019s equity would be \u20ac 64.2m (31 December 2023: \u20ac 66.4m) higher due to a higher result for the year. The loan-to-value would then decrease from 33.8% (31 December 2023: 33.0%) to 31.7% (31 December 2023: 31.1%). If, on 31 December 2024, the yields applied for the valuation of investment property had been 50 basis points higher than those currently applied, the value of investment property would decrease by 5.7% (31 December 2023: 5.6%). In that case NSI\u2019s equity would be \u20ac 56.6m (31 December 2023: \u20ac 58.5m) lower due to a lower result for the year. The loan-to-value would then increase from 33.8% (31 December 2023: 33.0%) to 35.8% (31 December 2023: 35.0%).Investment property under constructionThe movement in investment property under construction per segment was as follows:2024Amsterdam Other G4 Other NL TotalBalance as per 1 January 2024 59,210 - - 59,210Investments 1,416 556 - 1,972Capitalised interest 1,848 - - 1,848Revaluation -4,062 4,709 - 647Transfer from / to inv. property in operation 1,810 10,264 - 12,074Disposals -23,847 - - -23,847Balance as per 31 December 2024 36,374 15,529 - 51,903Right of use leasehold as per 31 December 2024 -168 - - -168Lease incentives as per 31 December 2024 - 121 - 121Market value as per 31 December 2024 36,205 15,650 - 51,8552023Amsterdam Other G4 Other NL TotalBalance as per 1 January 2023 56,022 3,060 - 59,082Investments 5,466 - - 5,466Capitalised interest 2,368 - - 2,368Revaluation -31,155 - - -31,155Transfer from / to inv. property in operation 26,510 -3,060 - 23,450Balance as per 31 December 2023 59,210 - - 59,210Right of use leasehold as per 31 December 2023 -179 - - -179Market value as per 31 December 2023 59,030 - - 59,030As per 31 December 2024 investment property under construction consists of Vitrum and capitalised project costs of Well House, both located in Amsterdam, and Alexanderpoort, Rotterdam.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__70": {
"value": "EmployeesOn average 69 employees (62 FTE), including the Management Board, were employed by NSI and HNK during the reporting year (2023: 67 employees (61 FTE)). As per 31 December 2024 the number of employees amounted to 69 (62 FTE).All employees are working in the Netherlands.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__73": {
"value": "7. Impairment of tangible and intangible fixed assets2024 2023Impairment of tangible fixed assets -627 -Impairment of tangible and intangible fixed assets -627 -The impairment of tangible fixed assets concerns the head office of NSI at Centerpoint II, Amsterdam as a result of negative reval-uation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__72-1": {
"value": "7. Impairment of tangible and intangible fixed assets2024 2023Impairment of tangible fixed assets -627 -Impairment of tangible and intangible fixed assets -627 -The impairment of tangible fixed assets concerns the head office of NSI at Centerpoint II, Amsterdam as a result of negative reval-uation.12. Intangible fixed assetsIntangible fixed assets consist of capitalised software.The movement in intangible fixed assets during 2024 was as follows:Software TOTALBalance as per 1 January 32 32Investments 21 21Amortisation -24 -24Balance as per 31 December 29 29Gross book value 1,338 1,338Cumulative depreciation -1,309 -1,309Intangible fixed assets - Net book value 29 29The movement in intangible fixed assets during 2023 was as follows:Software TOTALBalance as per 1 January 72 72Investments - -Amortisation -40 -40Balance as per 31 December 32 32Gross book value 1,316 1,316Cumulative depreciation -1,285 -1,285Intangible fixed assets - Net book value 32 32Investments in 2024 concern costs made related to robotic process automation. No investments were done in 2023.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__71": {
"value": "7. Impairment of tangible and intangible fixed assets2024 2023Impairment of tangible fixed assets -627 -Impairment of tangible and intangible fixed assets -627 -The impairment of tangible fixed assets concerns the head office of NSI at Centerpoint II, Amsterdam as a result of negative reval-uation.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__74": {
"value": "8. Other income and costs2024 2023Other costs -166 -81Other income and costs -166 -81Other costs in 2024 mainly concern feasibility costs for potential projects.Other costs in 2023 concern feasibility costs for projects, mainly related to Bio Science Park, Leiden.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__77": {
"value": "9. Net financing result2024 2023Interest income 2 37Financing income 2 37Interest costs -11,352 -10,211Capitalised interest 1,848 2,368Bank costs -77 -46Amortisation costs interest bearing loans -574 -434Other financing costs -724 -62Financing costs -10,880 -8,385Movement in market value of financial derivatives 2 -2,771Net financing result -10,876 -11,120During 2024, borrowing costs for the development project Vitrum, Amsterdam, are capitalised. In 2023 this was also the case for Laanderpoort, Amsterdam, which was sold in January 2024. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2024, the range of weighted average interest rates used was: 2.9% - 3.1% (2023: 1.9% - 3.2%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__76": {
"value": "9. Net financing result2024 2023Interest income 2 37Financing income 2 37Interest costs -11,352 -10,211Capitalised interest 1,848 2,368Bank costs -77 -46Amortisation costs interest bearing loans -574 -434Other financing costs -724 -62Financing costs -10,880 -8,385Movement in market value of financial derivatives 2 -2,771Net financing result -10,876 -11,120During 2024, borrowing costs for the development project Vitrum, Amsterdam, are capitalised. In 2023 this was also the case for Laanderpoort, Amsterdam, which was sold in January 2024. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2024, the range of weighted average interest rates used was: 2.9% - 3.1% (2023: 1.9% - 3.2%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__75": {
"value": "9. Net financing result2024 2023Interest income 2 37Financing income 2 37Interest costs -11,352 -10,211Capitalised interest 1,848 2,368Bank costs -77 -46Amortisation costs interest bearing loans -574 -434Other financing costs -724 -62Financing costs -10,880 -8,385Movement in market value of financial derivatives 2 -2,771Net financing result -10,876 -11,120During 2024, borrowing costs for the development project Vitrum, Amsterdam, are capitalised. In 2023 this was also the case for Laanderpoort, Amsterdam, which was sold in January 2024. For Vitrum, the financing component for the leasehold agreement is also capitalised. Capitalised interest in connection with developments is based on the weighted average cost of debt. During 2024, the range of weighted average interest rates used was: 2.9% - 3.1% (2023: 1.9% - 3.2%).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__78": {
"value": "10. Corporate income tax 2024 2023Current tax on profits for the year -1,691 -621Total current tax -1,691 -621Decrease / increase in deferred tax assets -894 38,724Decrease / increase in deferred tax liabilities -427 -2Total deferred tax -1,321 38,722Corporate income tax -3,012 38,101Corporate income tax attributable to:Profit from continuing operations -3,012 38,101After the restructuring in 2023, only NSI N.V., NSI Real Estate B.V., NSI Kantoren B.V., NSI Vastgoed B.V., NSI Flexoffices B.V. and HNK Vastgoed B.V. have the status of a Dutch real estate investment trust (FBI) within the context of Article 28 of the Dutch Corporate Income Tax Act 1969 (Wet op de Vennootschapsbelasting 1969). This means that no corporate income tax is owed under certain conditions.The main conditions relate to the investment requirement, the distribution of taxable earnings as dividend, limitations on the financing of investments with debt capital and the composition of the shareholder base. Profits from the disposal of investments are not included in the distributable earnings.In addition, there are legal restrictions on the activities that may be undertaken by an FBI, as stated under the main principles for financial reporting. Since 1 January 2014, \u2018associated business activities\u2019 attributable to the main task of letting and managing of investment properties may be performed, within certain limits, by a normal taxable subsidiary.All other subsidiaries are not part of the fiscal real estate investment trust for tax purposes and are as such liable to pay corpo-rate income tax as from 2023.2024 2023Result before tax 15,384 -180,471Tax at Dutch tax rate (high rate) 25.8% -3,969 25.8% 46,562Exempt due to fiscal status 7,088 -1,979Differences due to valuation differences -3,921 -4,263Non-deductible expenses -1,616 -2,118Deductible losses prior years 103 -Different tax rate (low rate - 19.0%) -475 -99Other -221 -Corporate income tax -3,011 38,101LTV and Dutch REIT-statusA number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such requirement relates to the maximum LTV (norm: \u2264 60%).The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in both 2023 and 2024.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__80": {
"value": "CollateralOn 31 December 2024, no properties were mortgaged as security for loans drawn at banks. At the end of 2023, properties with a market value of \u20ac 172.4m were mortgaged as security for loans drawn at banks amounting to \u20ac 55.0m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCollateralExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__82": {
"value": "13. Tangible fixed assetsTangible fixed assets relate to the furniture and office equipment, as well as part of the offices of the company at Hoogoorddreef 62 (Centerpoint) in Amsterdam. Furthermore, the right of use of lease cars has been included under tangible fixed assets.The movement in tangible fixed assets during 2024 was as follows:Real estate in Furniture / Hardware Right of use TOTALown usefixtureslease carsBalance as per 1 January 2,931 423 - 481 3,835Investments - - - 560 560Depreciation -89 -212 - -276 -577Impairment -627 - - - -627Disposals - - -1 -1Balance as per 31 December 2,215 212 - 764 3,190Gross book value 2,475 846 48 1,116 4,534Cumulative depreciation -260 -635 -48 -352 -1,344Tangible fixed assets - Net book value 2,215 212 - 764 3,190The movement in tangible fixed assets during 2023 was as follows:Real estate in Furniture / Hardware Right of use TOTALown usefixtureslease carsBalance as per 1 January 3,027 635 - 401 4,063Investments - - - 429 429Depreciation -96 -212 - -290 -598Disposals - - - -59 -59Balance as per 31 December 2,931 423 - 481 3,835Gross book value 3,162 846 48 1,158 5,263Cumulative depreciation -231 -423 -48 -677 -1,428Tangible fixed assets - Net book value 2,931 423 - 481 3,835Impairment in 2024 concerns revaluation of the office of NSI at Hoogoorddreef 62, Amsterdam.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__83": {
"value": "14. Deferred tax assets and liabilitiesDeferred tax assets are attributable to the following items:20241 January 2024 Movement comprehen-Reclassification 31 December 2024sive income accountInvestment property 38,654 -2,301 - 36,352Losses carried forward 70 1,408 684 2,162Deferred tax assets 38,724 -894 684 38,51420231 January 2023 Movement comprehen-Reclassification 31 December 2023sive income accountInvestment property - 38,654 - 38,654Losses carried forward - 70 - 70Deferred tax assets - 38,724 - 38,724Deferred tax liabilities are attributable to the following items:20241 January 2024 Movement comprehen-Reclassification 31 December 2024sive income accountInvestment property -2 -427--429Deferred tax liabilities -2 -427--42920231 January 2023 Movement comprehen-Reclassification 31 December 2023sive income accountInvestment property - -2--2Deferred tax liabilities - -2--2All deferred tax assets and liabilities relate to the entities founded as part of the restructuring undergone in 2023. These entities are no longer part of the fiscal real estate investment trust for tax purposes and are as such liable to pay corporate income tax as from 2023. The deferred tax assets include an amount of \u20ac38,514 which relates to the difference between book value and fiscal value of assets and liablities. They also relate to the carry forward of unused tax credits and any unused tax losses. NSI N.V. has concluded that the deferred tax assets will be recoverable using the estimated future taxable income based on the approved business plans and budgets for the subsidiary. The subsidiary is expected to generate taxable income from 2025 onwards. The losses can be carried forward indefinitely and have no expiry date.The reclassification stated in the movement table for deferred tax assets in 2024 relates to deferred tax previously reported in the balance sheet under current corporate income tax receivable.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__85": {
"value": "15. Other non-current assets31 December 2024 31 December 2023Lease incentives 10,427 12,069Other non-current assets 10,427 12,069Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 0.8m to be settled in 2024 (2023: \u20ac 2.1m to be settled in 2024).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__84": {
"value": "15. Other non-current assets31 December 2024 31 December 2023Lease incentives 10,427 12,069Other non-current assets 10,427 12,069Lease incentives are straight-lined over the remaining lease terms until the first possible moment of termination by the tenants. Lease incentives contain an amount of \u20ac 0.8m to be settled in 2024 (2023: \u20ac 2.1m to be settled in 2024).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__86": {
"value": "16. Debtors and other receivables31 December 2024 31 December 2023Gross debtors 925 1,734Provision for doubtful debts -215 -353Debtors 710 1,381Taxes 247 781Prepayments and accrued income 432 1,295Other current receivables 848 506Debtors and other receivables 2,237 3,963The largest item recognised under debtors and other accounts receivable concerns debtors (\u20ac 0.9m), mainly tenants who are overdue, which are reported after deduction of a provision for expected credit losses over the term of the receivables.The provision for doubtful debts has been determined based on IFRS 9 guidelines, in line with prior year\u2019s calculations.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__87": {
"value": "17. Cash and cash equivalents31 December 2024 31 December 2023Bank balances 8,451 202Cash and cash equivalents 8,451 202The full amount of cash and cash equivalents is freely available.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__89": {
"value": "18. Equity attributable to shareholdersIssued share capitalAs per 31 December 2024 the authorised share capital consisted of 20,155,221 issued and fully paid shares (\u20ac 74.2). The issued shares have a par value of \u20ac 3.68 each.In September 2024 NSI completed its \u20ac 20.0m share buyback programme. Under this programme, a total of 1,034,629 shares were repurchased and are currently held as treasury shares. As per 31 December 2024, the number of issued shares is 20,155,221, of which 19,120,592 shares outstanding (\u20ac70.4m) and 1,034,629 shares held as treasury shares.The movement in issued share capital in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 74,171 73,800Issuance / repurchase of shares -3,807 -Stock dividend - final distribution prior year - 372Balance as per 31 December 70,364 74,171The movement in the number of shares issued in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 20,155,221 20,054,240Stock dividend - final distribution prior year - 100,981Issuance / repurchase of shares -1,034,629 -Balance as per 31 December 19,120,592 20,155,221The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.Share premium reserveThe movement in the share premium reserve in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 915,068 915,447Issuance / repurchase of shares -16,193 -Stock dividend - final distribution prior year - -379Balance as per 31 December 898,876 915,068The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2023, \u20ac 7k transaction costs on the issue of stock dividend is included.Other reservesThe movement in the other reserves in 2024 and 2023 was as follows:2024 2023Balance as per 1 January -136,988 -70,868Profit appropriation -142,370 -31,370Cash dividend - final distribution prior year -15,296 -19,633Cash dividend - interim -14,614 -15,116Balance as per 31 December -309,267 -136,988",
"dimensions": {
"concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__88": {
"value": "18. Equity attributable to shareholdersIssued share capitalAs per 31 December 2024 the authorised share capital consisted of 20,155,221 issued and fully paid shares (\u20ac 74.2). The issued shares have a par value of \u20ac 3.68 each.In September 2024 NSI completed its \u20ac 20.0m share buyback programme. Under this programme, a total of 1,034,629 shares were repurchased and are currently held as treasury shares. As per 31 December 2024, the number of issued shares is 20,155,221, of which 19,120,592 shares outstanding (\u20ac70.4m) and 1,034,629 shares held as treasury shares.The movement in issued share capital in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 74,171 73,800Issuance / repurchase of shares -3,807 -Stock dividend - final distribution prior year - 372Balance as per 31 December 70,364 74,171The movement in the number of shares issued in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 20,155,221 20,054,240Stock dividend - final distribution prior year - 100,981Issuance / repurchase of shares -1,034,629 -Balance as per 31 December 19,120,592 20,155,221The holders of ordinary shares are entitled to receive the dividend declared by the company and to exercise one vote per share at the General Meeting of Shareholders.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__90-1": {
"value": "Share premium reserveThe movement in the share premium reserve in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 915,068 915,447Issuance / repurchase of shares -16,193 -Stock dividend - final distribution prior year - -379Balance as per 31 December 898,876 915,068The share premium reserve consists of the paid-up capital for ordinary shares in excess of the nominal value. The share premium reserve qualifies as fiscally recognised paid-up capital for Dutch tax purposes. In the movement of the share premium reserve 2023, \u20ac 7k transaction costs on the issue of stock dividend is included.Other reservesThe movement in the other reserves in 2024 and 2023 was as follows:2024 2023Balance as per 1 January -136,988 -70,868Profit appropriation -142,370 -31,370Cash dividend - final distribution prior year -15,296 -19,633Cash dividend - interim -14,614 -15,116Balance as per 31 December -309,267 -136,988",
"dimensions": {
"concept": "ifrs-full:DisclosureOfReservesAndOtherEquityInterestExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__93": {
"value": "Dividend and earnings per shareThe final dividend for 2024 is to be distributed in the form of cash, shares or a combination of both as proposed by the Manage-ment Board and subject to approval by the General Meeting of Shareholders on 17 April 2025. This proposal was not included as a liability in the balance sheet at 31 December 2024.Number of shares31 December 2024 31 December 2023Weighted average number of ordinary shares 19,587,785 20,117,872Number of ordinary shares entitled to dividend 19,120,592 20,155,221Dividend2024 2023Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 0.75 15,111 0.75 15,116Proposed final dividend 0.82 15,679 0.77 15,520Total 1.57 30,790 1.52 30,636Earnings per share2024 2023Total result 0.63 -7. 0 8The calculation of earnings per share at 31 December 2024 is based on the result attributable to ordinary shareholders of \u20ac 12.4m (2023: \u20ac 142.4m negative) and a weighted average number of outstanding ordinary shares during 2024 of 19,587,785 (2023: 20,117,872).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current divi-dend policy to distribute at least 75% of the direct result.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDividendsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__92": {
"value": "Dividend and earnings per shareThe final dividend for 2024 is to be distributed in the form of cash, shares or a combination of both as proposed by the Manage-ment Board and subject to approval by the General Meeting of Shareholders on 17 April 2025. This proposal was not included as a liability in the balance sheet at 31 December 2024.Number of shares31 December 2024 31 December 2023Weighted average number of ordinary shares 19,587,785 20,117,872Number of ordinary shares entitled to dividend 19,120,592 20,155,221Dividend2024 2023Per share (\u20ac) Total Per share (\u20ac) TotalInterim dividend paid 0.75 15,111 0.75 15,116Proposed final dividend 0.82 15,679 0.77 15,520Total 1.57 30,790 1.52 30,636Earnings per share2024 2023Total result 0.63 -7. 0 8The calculation of earnings per share at 31 December 2024 is based on the result attributable to ordinary shareholders of \u20ac 12.4m (2023: \u20ac 142.4m negative) and a weighted average number of outstanding ordinary shares during 2024 of 19,587,785 (2023: 20,117,872).The proposed distribution of the final dividend complies with the fiscal distribution obligation and is in line with the current divi-dend policy to distribute at least 75% of the direct result.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__94": {
"value": "0.75",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s7__7__95": {
"value": "0.75",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsRecognisedAsDistributionsToOwnersPerShare",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s7__6__97": {
"value": "0.82",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s7__6__96": {
"value": "15679000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00",
"unit": "iso4217:EUR"
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},
"f1__s7__7__97": {
"value": "0.77",
"decimals": 2,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwnersPerShare",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR/xbrli:shares"
}
},
"f1__s7__7__96": {
"value": "15520000.0",
"decimals": -3,
"dimensions": {
"concept": "ifrs-full:DividendsProposedOrDeclaredBeforeFinancialStatementsAuthorisedForIssueButNotRecognisedAsDistributionToOwners",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2023-01-01T00:00:00/2024-01-01T00:00:00",
"unit": "iso4217:EUR"
}
},
"f1__s7__6__98": {
"value": "Capital managementNSI manages equity attributable to shareholders as its capital. NSI prefers to work with an overall conservative capital struc-ture to underpin its real estate activities, to secure the group\u2019s continuity in the long run. The aim is to have at any point in time sufficient balance sheet capacity to pay out dividends, honour all capital commitments and absorb a material fall in appraisal values, be able to fund investment opportunities and stay well within all loan covenants and so not having to resort to forced asset disposals or an equity issue to restore the balance sheet.NSI currently prefers to finance itself through unsecured financing to maintain optimal flexibility. It will also look to manage its balance sheet risk in relation to the other risks inherent to the business (economic cycle risk, leasing risk, development risk etc.). NSI also consistently monitors its fiscal capital base to make sure it meets and continues to meet all the requirements related to its FBI-status.Management seeks to achieve a balance between a higher return that could be achieved through a higher level of debt capital, on the one hand, and the benefits of a healthy financial position, on the other. In addition, management safeguards capital by moni-toring the loan-to- value ratio and the debt owed to credit institutions / equity ratio. The ratio of debt owed to credit institutions / property investments was 33.8% on 31 December 2024 (31 December 2023: 33.0%). The ratio of debt owed to credit institutions / equity was 33.4% / 66.6% on 31 December 2024 (31 December 2023: 32.7% / 67.3%).All bank covenants are monitored proactively and periodically. The main covenants for NSI relate to:\u2022 Loan-to-value;\u2022 The interest coverage ratio; \u2022 Solvency.Furthermore, loans differ in the use or non-use of security, (public) transferability and other possible characteristics such as convertibility, affiliations with indices and inflation.Loan-to-valueNSI has the following covenant relating to loan-to-value (LTV):\u2022 LTV regarding NSI\u2019s entire portfolio. The maximum LTV must not exceed 60%.As per 31 December 2023, NSI had an LTV covenant of a pool of NSI\u2019s properties regarding the secured financing agreement with BerlinHyp; the maximum individual LTV relating to the specific security must be below 60%). The loan with BerlinHyp was repaid in July 2024.The following table provides an overview of the LTV at group level:LTV (%) Individual LTV's are compliant 2024 2023 2024 2023NSI - group-level 33.8% 33.0% Yes YesIn 2023 and 2024 NSI and its subsidiaries complied with the LTV requirements agreed with banks on both an individual and consolidated level.Furthermore, a number of requirements must be met to achieve and maintain the status of a Dutch real estate investment trust (FBI). One such requirement relates to the maximum LTV (norm: \u2264 60%). The basis for calculating this LTV differs fundamentally from the basis used for financial institutions. For the latter group NSI uses its commercial figures. The figures for tax purposes are used to calculate the LTV to assess the Dutch FBI status. NSI complied with this requirement in 2023 and 2024 for the entities under this regime.Interest coverage ratioNSI had the following covenant relating to the interest coverage ratio (ICR):\u2022 Interest coverage ratio for NSI\u2019s entire portfolio must be at least 2.0.At the end of 2023, NSI had an ICR covenant relating to the earlier mentioned secured pool of properties, for which the ICR must be at least 2.0.The table below shows the interest coverage ratio (ICR):ICR Individual ICR's are compliant 2024 2023 2024 2023NSI - group-level 5.1 5.5 Yes YesIn 2023 and 2024 NSI and its subsidiaries complied with the independent and consolidated interest coverage ratio requirements agreed with the banks. Based on our ICR debt covenant of 2.0, NSI could absorb a net rental income decline of ca. 60% before breaching this covenant.SolvencyBased on the covenants, adjusted shareholders\u2019 equity at group level must be at least 40%. As per 31 December 2024 this was 67.2% (31 December 2023: 68.1%) in line with the covenants.Other than the requirements ensuing from its status as a fiscal investment institution, the company nor its subsidiaries are subject to any externally imposed capital requirements.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__99": {
"value": "19. Interest bearing loansThe development of the interest bearing loans in 2024 and 2023 was as follows:2024 2023Balance as per 1 January 333,632 351,640Drawn interest bearing loans 75,000 10,000Transaction costs paid - -242Amortisation transaction costs 574 434Repayment of interest bearing loans -80,000 -28,200Balance as per 31 December 329,206 333,632Redemption requirement interest bearing loans 5,000 -Balance as per 31 December 324,206 333,632The maturities of the loans at 31 December 2024 and 31 December 2023 were as follows:31 December 2024 31 December 2023Fixed Variable Total Fixed Variable TotalinterestinterestinterestinterestUp to 1 year - 5,000 5,000 - - -From 1 to 2 years 39,974 104,437 144,412 - - -From 2 to 5 years 99,851 - 99,851 89,781 113,935 203,717From 5 to 10 years 79,944 - 79,944 129,916 - 129,916Total 219,769 109,437 329,206 219,697 113,935 333,632Average interest rate 1.9% 4.2% - 2.0% 5.7% -(excl. Interest-rate swaps)In January 2025 part of the revolving credit facility was repaid. In January 2026, a loan of \u20ac 40.0m will expire; this can be funded from the undrawn part of the existing revolving credit facility (\u20ac 240.0m).Loans outstanding have a remaining average maturity of 3.5 years (31 December 2023: 4.5 years) The weighted average annual interest rate on the loans and interest-rate swaps at the end of 2024 was 2.9% (31 December 2023: 3.2%). These include margin, utilisation fees and amortised costs and exclude commitment fees.31 December 2024 31 December 2023Secured Unsecured Total Secured Unsecured TotalloansloansloansloansInterest bearing loans - nominal value 330,000 330,000 55,000 280,000 335,000Amortised costs -794 -79 4 -213 -1,155 -1,368Total 329,206 329,206 54,787 278,845 333,632During 2024 no financing costs were capitalised (2023: \u20ac 0.2m). The financing costs are recognised in the comprehensive income account using the effective interest method. After repayment of the secured loan with BerlinHyp in July 2024, NSI no longer has secured loans. At yearend 2024, as security for loans (up to \u20ac 55.0m), mortgages were pledged against investment property valued at \u20ac 172.4m, combined with pledges on rental income and maximum LTV requirements.On 31 December 2024 the company\u2019s undrawn committed credit facilities totalled \u20ac 240.0m (31 December 2023: \u20ac 290.0m). Taking into account the cash and cash equivalents and debts to credit institutions, the remaining undrawn committed credit facility is \u20ac 231.3m (31 December 2023: \u20ac 279.2m). The fair value of the loans on 31 December 2024 was \u20ac 305.3m (31 December 2023: \u20ac 311.0m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__101": {
"value": "20. Other non-current liabilities31 December 2024 31 December 2023Security deposits 3,838 3,540Lease liabilities 1,810 992Other non-current accounts payable 5,648 4,533The average term of the leases relating to the security deposits is 2.4 years (31 December 2023: 2.0 years). The net present value of non-current future lease obligations amounts to \u20ac 1.8m, consisting of leasehold obligations (\u20ac 1.3m) and car lease obligations (\u20ac 0.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__100": {
"value": "20. Other non-current liabilities31 December 2024 31 December 2023Security deposits 3,838 3,540Lease liabilities 1,810 992Other non-current accounts payable 5,648 4,533The average term of the leases relating to the security deposits is 2.4 years (31 December 2023: 2.0 years). The net present value of non-current future lease obligations amounts to \u20ac 1.8m, consisting of leasehold obligations (\u20ac 1.3m) and car lease obligations (\u20ac 0.5m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__102": {
"value": "21. Debts to credit institutionsThe item debts to credit institutions concerns cash loans and current account overdrafts with banks. NSI has concluded credit arrangements with a number of banks, of which a part is available as overdraft facility. In the case of cash-pool arrangements, cash and cash equivalents and debts to credit institutions are offset if allowed under IFRS9. The weighted average interest on available credit facilities as per yearend 2024 was 1.3% (yearend 2023: 1.3%) per annum including margin.31 December 2024 31 December 2023Credit facilities 25,000 25,000Unused 7,866 13,988Debts to credit institutions 17,134 11,012",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLoansAndAdvancesToBanksExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__103": {
"value": "22. Creditors and other payables31 December 2024 31 December 2023Creditors 4,635 3,971Taxes 2,968 3,074Interest 169 603Security deposits 1,516 1,770Lease liabilities 544 325Deferred income 7,2 6 6 7,158Accruals 7,894 10,020Other current payables 46 35Creditors and other payables 25,039 26,956As per 31 December 2024, the net present value included for leasehold obligations amounts to \u20ac 0.3m and for car lease obliga-tions \u20ac 0.3m.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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"f1__s7__6__104": {
"value": "23. Financial instruments - fair values and risk managementRecognition categories and fair valuesThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their appli-cable level within the fair value hierarchy. Categories of financial instrumentsFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2024 31 December 2023NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at amortised cost priceFinancial fixed assets 3 - - 3 - -Debtors and other receivables 16 2 1,558 - 2 1,887 -Cash and cash equivalents 17 1 8,451 - 1 202 -Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 - 1,606 2 - 1,608Financial liabilities valued at amortised cost priceInterest bearing loans 19 2 329,206 - 2 333,632 -Other non-current liabilities 20 2 5,648 - 2 4,533 -Debts to credit institutions 21 1 17,134 - 2 11,012 -Creditors and other payables 22 2 14,805 - 2 16,724 -Categories of financial instrumentsThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:Note Category 31 December 2024 31 December 2023IFR39Book value Fair value Book value Fair valueFinancial fixed assets AC - - - -Other non-current assets 14 AC - - - -Debtors and other receivables 15 AC 1,558 1,558 1,887 1,887Cash and cash equivalents 16 AC 8,451 8,451 202 202Financial assets 10,009 10,009 2,089 2,089Interest bearing loans 18 AC 329,206 305,288 333,632 310,986Derivative financial instruments FVPL 1,606 1,606 1,608 1,608Other non-current liabilities 19 AC 5,648 5,648 4,533 4,533Debts to credit institutions 20 AC 17,134 17,134 11,012 11,012Creditors and other payables 21 AC 14,805 14,805 16,724 16,724Financial liabilities 368,399 344,481 367,509 344,863On the balance sheet date the derivative financial instruments had the following maturity:31 December 2024 31 December 2023# contracts Nominal Fair value Fair value # contracts Nominal Fair value Fair value valueassetsliabilitiesvalueassetsliabilitiesFrom 1 to 5 years 1 55,000 - 1,606 1 55,000 - 1,608Total 1 55,000 - 1,606 1 55,000 - 1,608NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2023: one contract with a fixed interest rate of 3.31%) with a maturity date in 2027 (2023: 2027). The remaining maturity of the derivative is 2.5 years (2023: 3.5 years). NSI is hedged at an interest rate of 3.31% (2023: 3.31%), excluding margin, 16.7% of the total outstanding variable interest loans are now under hedged (2023: over hedged 17.9%), 83.3% of the total volume is hedged (2023: 82.1%).Financial risk managementIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instruments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to reflect changes in market conditions and the group\u2019s operations.Liquidity riskInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt.Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the compa-ny\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obligations. The basic principle of liquidity risk management is that sufficient resources should be kept avail-able, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 240.0m (maturity: 1.9 years; 2023: \u20ac 290.0m, maturity: 2.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 3.5 years (2023: 4.5 years).At year-end 2024 the group had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 17.1m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 247.9m at 31 December 2024. Furthermore, cash and cash equivalents amounted to \u20ac 8.5m at 31 December 2024. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 256.4m at 31 December 2024.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2024Book value Contractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 329,206 355,818 4,413 4,486 157,722 107,950 81,247Other non-current liabilities 5,648 6,204 - - 1,604 3,393 1,207Debts to credit institutions 17,134 17,134 17,134 - - - -Creditors and other payables 14,805 14,827 14,231 596 - - -Non-derivative financial liabilities 366,793 393,983 35,778 5,082 159,326 111,343 82,455Derivative financial instruments 1,606 830 165 168 332 165 -Total 368,399 394,813 35,943 5,250 159,658 111,508 82,4552023Book valueContractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 - - 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012 - - - -Creditors and other payables 16,724 16,733 16,276 457 - - -Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534 -Total 367,509 410,064 32,700 5,928 11,570 225,550 134,317The gross inflow / outflow reflected in these tables show the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.Market riskMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no remaining currency risk exposure at the end of December 2024.Interest rate riskNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2024 the interest coverage ratio was 5.1 (31 December 2023: 5.5), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2024 NSI held financial derivatives with a nominal value of \u20ac 55.0m (31 December 2023: \u20ac 55.0m) for the purpose of managing the interest rate risk on its loans.Sensitivity of interest rateIf the three-month variable interest rate were to rise 100 basis points compared to 31 December 2024, the theoretical interest expenses for 2025 would increase by \u20ac 0.6m (2023: increase by \u20ac 0.6m), due to a 16.7% exposure on loans to variable interest rates, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would decrease by \u20ac 0.6m (2023: decrease by \u20ac 0.6m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.Analysis of average interest rates and interest rate revisionsThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2024Interest rate Total < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 1.9% 219,769 - 39,974 99,851 79,944Variable interest loans 4.2% 54,437 5,000 49,437 - -Fixed interest as a result of swaps 7.5% 55,000 - 55,000 - -Total 3.2% 329,206 5,000 144,412 99,851 79,944Redemption obligations 5,000 5,000 - - -Balance as per 31 December 2024 324,206 - 144,412 99,851 79,9442023Interest rate Total < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,697 - - 89,781 129,916Variable interest loans 5.7% 59,148 - - 59,148 -Fixed interest as a result of swaps 5.2% 54,787 - - 54,787 -Total 3.2% 333,632 - - 203,717 129,916Redemption obligations - - - - -Balance as per 31 December 2023 333,632 - - 203,717 129,916The total average effective interest rate in 2024 is 3.2% (2023: 3.2%). Credit riskCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2024 31 December 2023Financial fixed assets - -Debtors and other receivables 1,558 1,887Cash and cash equivalents 8,451 202Credit risk 10,009 2,089BanksThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TenantsThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively monitoring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2024 31 December 2023Up to 1 month expired 292 901From 1 to 3 months expired 115 216From 3 months to 1 year expired 246 231More than 1 year expired 272 386Gross debtors 925 1,734Aside from bank guarantees, security deposits for \u20ac 5.4m (2023: \u20ac 5.3m) were obtained to cover for potential loss of creditwor-thiness of tenants with regard to the receivables, of which \u20ac 1.5m (2023: \u20ac 1.8m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2024 2023Balance as per 1 January 353 349Addition to / release of provision -19 10Write-off bad debts -119 -6Balance as per 31 December 215 353Impairment losses recognised at 31 December 2024 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allow-ance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared char-acteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.6% and for trade receiva-bles more than 90 days expired these rates are:> 90 days expiredOffices 45.00%HNK 77.15%Other 62.88%",
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"f1__s7__6__107": {
"value": "Recognition categories and fair valuesThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their appli-cable level within the fair value hierarchy. Categories of financial instrumentsFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2024 31 December 2023NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at amortised cost priceFinancial fixed assets 3 - - 3 - -Debtors and other receivables 16 2 1,558 - 2 1,887 -Cash and cash equivalents 17 1 8,451 - 1 202 -Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 - 1,606 2 - 1,608Financial liabilities valued at amortised cost priceInterest bearing loans 19 2 329,206 - 2 333,632 -Other non-current liabilities 20 2 5,648 - 2 4,533 -Debts to credit institutions 21 1 17,134 - 2 11,012 -Creditors and other payables 22 2 14,805 - 2 16,724 -Categories of financial instrumentsThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:Note Category 31 December 2024 31 December 2023IFR39Book value Fair value Book value Fair valueFinancial fixed assets AC - - - -Other non-current assets 14 AC - - - -Debtors and other receivables 15 AC 1,558 1,558 1,887 1,887Cash and cash equivalents 16 AC 8,451 8,451 202 202Financial assets 10,009 10,009 2,089 2,089Interest bearing loans 18 AC 329,206 305,288 333,632 310,986Derivative financial instruments FVPL 1,606 1,606 1,608 1,608Other non-current liabilities 19 AC 5,648 5,648 4,533 4,533Debts to credit institutions 20 AC 17,134 17,134 11,012 11,012Creditors and other payables 21 AC 14,805 14,805 16,724 16,724Financial liabilities 368,399 344,481 367,509 344,863On the balance sheet date the derivative financial instruments had the following maturity:31 December 2024 31 December 2023# contracts Nominal Fair value Fair value # contracts Nominal Fair value Fair value valueassetsliabilitiesvalueassetsliabilitiesFrom 1 to 5 years 1 55,000 - 1,606 1 55,000 - 1,608Total 1 55,000 - 1,606 1 55,000 - 1,608NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2023: one contract with a fixed interest rate of 3.31%) with a maturity date in 2027 (2023: 2027). The remaining maturity of the derivative is 2.5 years (2023: 3.5 years).",
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"f1__s7__6__106": {
"value": "Recognition categories and fair valuesThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their appli-cable level within the fair value hierarchy. Categories of financial instrumentsFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2024 31 December 2023NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at amortised cost priceFinancial fixed assets 3 - - 3 - -Debtors and other receivables 16 2 1,558 - 2 1,887 -Cash and cash equivalents 17 1 8,451 - 1 202 -Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 - 1,606 2 - 1,608Financial liabilities valued at amortised cost priceInterest bearing loans 19 2 329,206 - 2 333,632 -Other non-current liabilities 20 2 5,648 - 2 4,533 -Debts to credit institutions 21 1 17,134 - 2 11,012 -Creditors and other payables 22 2 14,805 - 2 16,724 -Categories of financial instrumentsThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:Note Category 31 December 2024 31 December 2023IFR39Book value Fair value Book value Fair valueFinancial fixed assets AC - - - -Other non-current assets 14 AC - - - -Debtors and other receivables 15 AC 1,558 1,558 1,887 1,887Cash and cash equivalents 16 AC 8,451 8,451 202 202Financial assets 10,009 10,009 2,089 2,089Interest bearing loans 18 AC 329,206 305,288 333,632 310,986Derivative financial instruments FVPL 1,606 1,606 1,608 1,608Other non-current liabilities 19 AC 5,648 5,648 4,533 4,533Debts to credit institutions 20 AC 17,134 17,134 11,012 11,012Creditors and other payables 21 AC 14,805 14,805 16,724 16,724Financial liabilities 368,399 344,481 367,509 344,863On the balance sheet date the derivative financial instruments had the following maturity:31 December 2024 31 December 2023# contracts Nominal Fair value Fair value # contracts Nominal Fair value Fair value valueassetsliabilitiesvalueassetsliabilitiesFrom 1 to 5 years 1 55,000 - 1,606 1 55,000 - 1,608Total 1 55,000 - 1,606 1 55,000 - 1,608NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2023: one contract with a fixed interest rate of 3.31%) with a maturity date in 2027 (2023: 2027). The remaining maturity of the derivative is 2.5 years (2023: 3.5 years). NSI is hedged at an interest rate of 3.31% (2023: 3.31%), excluding margin, 16.7% of the total outstanding variable interest loans are now under hedged (2023: over hedged 17.9%), 83.3% of the total volume is hedged (2023: 82.1%).",
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"f1__s7__6__105": {
"value": "Recognition categories and fair valuesThe table on the next page summarises the book values and fair values of financial assets and liabilities, as well as their appli-cable level within the fair value hierarchy. Categories of financial instrumentsFair value measurements are categorised into different levels in the fair value hierarchy depending on the input that formed the basis of the valuation techniques applied.The different levels are defined as follows:\u2022 Level 1: valuation based on quoted prices in active markets for identical assets or liabilities;\u2022 Level 2: valuation of assets or liabilities based on (external) observable information; \u2022 Level 3: valuation of assets or liabilities based wholly or partially on (external) unobservable information.Level 2 applies to all financial instruments; a model in which fair value is determined based on directly or indirectly observable market data. In level 2 fair values for over-the-counter derivatives is calculated as the present value of the estimated future cash flows based on observable yield curves obtained by external data sources (e.g. Bloomberg) and valuation statements received from our counterparties These quotes are regularly tested for adequacy by discounting cash flows using the market interest rate for a similar instrument at the measurement date. Fair values reflect the credit risk of the instrument and include adjustments that take into account the credit risk of the group entity and the counterparty, when appropriate.31 December 2024 31 December 2023NoteFair value Amortised Fair value Fair value Amortised Fair valuelevelcost pricelevelcost priceFinancial assets valued at amortised cost priceFinancial fixed assets 3 - - 3 - -Debtors and other receivables 16 2 1,558 - 2 1,887 -Cash and cash equivalents 17 1 8,451 - 1 202 -Financial liabilities valued at fair value through profit or lossDerivative financial instruments 2 - 1,606 2 - 1,608Financial liabilities valued at amortised cost priceInterest bearing loans 19 2 329,206 - 2 333,632 -Other non-current liabilities 20 2 5,648 - 2 4,533 -Debts to credit institutions 21 1 17,134 - 2 11,012 -Creditors and other payables 22 2 14,805 - 2 16,724 -Categories of financial instrumentsThe categories of financial instruments are: \u2022 AC: Amortised Cost; \u2022 FVPL: Fair Value through Profit or Loss;\u2022 FVOCI: Fair Value through Other Comprehensive Income.The book value of the financial instruments in the balance sheet and the fair values are as follows:Note Category 31 December 2024 31 December 2023IFR39Book value Fair value Book value Fair valueFinancial fixed assets AC - - - -Other non-current assets 14 AC - - - -Debtors and other receivables 15 AC 1,558 1,558 1,887 1,887Cash and cash equivalents 16 AC 8,451 8,451 202 202Financial assets 10,009 10,009 2,089 2,089Interest bearing loans 18 AC 329,206 305,288 333,632 310,986Derivative financial instruments FVPL 1,606 1,606 1,608 1,608Other non-current liabilities 19 AC 5,648 5,648 4,533 4,533Debts to credit institutions 20 AC 17,134 17,134 11,012 11,012Creditors and other payables 21 AC 14,805 14,805 16,724 16,724Financial liabilities 368,399 344,481 367,509 344,863On the balance sheet date the derivative financial instruments had the following maturity:31 December 2024 31 December 2023# contracts Nominal Fair value Fair value # contracts Nominal Fair value Fair value valueassetsliabilitiesvalueassetsliabilitiesFrom 1 to 5 years 1 55,000 - 1,606 1 55,000 - 1,608Total 1 55,000 - 1,606 1 55,000 - 1,608NSI minimises its interest rate risk by swapping the variable interest it pays on part of its loans for a fixed interest rate by means of a contract with a fixed interest rate of 3.31% (2023: one contract with a fixed interest rate of 3.31%) with a maturity date in 2027 (2023: 2027). The remaining maturity of the derivative is 2.5 years (2023: 3.5 years). NSI is hedged at an interest rate of 3.31% (2023: 3.31%), excluding margin, 16.7% of the total outstanding variable interest loans are now under hedged (2023: over hedged 17.9%), 83.3% of the total volume is hedged (2023: 82.1%).",
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"value": "Financial risk managementIn the normal conduct of business, the group is subject to liquidity risk, including financing and refinancing risk, market risk and credit risk. Overall risk management is focused on the unpredictability of the financial markets and is designed to minimise any negative effects on the group\u2019s business performance. The group closely monitors the financial risks associated with its business and financial instruments. The group is a long-term investor in real estate and therefore applies the principle that the financing of these investments should also be planned for the long term, in accordance with the risk profile of its business.The policy and monitoring of risks are reviewed regularly and adjusted if necessary to reflect changes in market conditions and the group\u2019s operations.Liquidity riskInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt.Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the compa-ny\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obligations. The basic principle of liquidity risk management is that sufficient resources should be kept avail-able, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 240.0m (maturity: 1.9 years; 2023: \u20ac 290.0m, maturity: 2.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 3.5 years (2023: 4.5 years).At year-end 2024 the group had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 17.1m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 247.9m at 31 December 2024. Furthermore, cash and cash equivalents amounted to \u20ac 8.5m at 31 December 2024. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 256.4m at 31 December 2024.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2024Book value Contractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 329,206 355,818 4,413 4,486 157,722 107,950 81,247Other non-current liabilities 5,648 6,204 - - 1,604 3,393 1,207Debts to credit institutions 17,134 17,134 17,134 - - - -Creditors and other payables 14,805 14,827 14,231 596 - - -Non-derivative financial liabilities 366,793 393,983 35,778 5,082 159,326 111,343 82,455Derivative financial instruments 1,606 830 165 168 332 165 -Total 368,399 394,813 35,943 5,250 159,658 111,508 82,4552023Book valueContractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 - - 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012 - - - -Creditors and other payables 16,724 16,733 16,276 457 - - -Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534 -Total 367,509 410,064 32,700 5,928 11,570 225,550 134,317The gross inflow / outflow reflected in these tables show the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.Market riskMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no remaining currency risk exposure at the end of December 2024.Interest rate riskNSI must at all times meet its obligations under the loans drawn and the interest coverage ratio shows the company\u2019s ability to do so. The interest coverage ratio is calculated as the net rental income divided by the net financing costs. The financing covenants stipulate that the interest coverage ratio may not fall below 2.0.In addition, NSI must comply with the requirements set in terms of its loan-to-value ratio (debts to credit institutions divided by its investments). The financing covenants stipulate that the total amount of loans drawn may not exceed 60% of the value of the underlying investment property. The applicable interest rates on loans are partly dependent on the loan-to-value ratio at the moment the interest rate is being set. If the loan-to-value ratio increases, the interest costs will therefore rise. The ratios to which the company has committed itself in the loan agreements are monitored on a regular basis, at least once every six months.If NSI were not able to meet these criteria and were not able to reach an agreement about this with the banks involved, this could result in the financing arrangements being renegotiated, terminated or prematurely repaid. If NSI does not have sufficient cash or alternative funding sources of funding to meet its obligations, any \"default\" or \"cross-default\" situation can occur. At the end of 2024 the interest coverage ratio was 5.1 (31 December 2023: 5.5), which is higher than the level of 2.0 agreed with the banks. Variable-interest rate loans expose NSI to uncertainty about interest expenses. Derivatives are used to manage interest rate risk. NSI's policy regarding the hedging of interest rate risk is defensive by nature, NSI does not take speculative positions. NSI aims to hedge the majority of the outstanding loans for the medium to long term. On 31 December 2024 NSI held financial derivatives with a nominal value of \u20ac 55.0m (31 December 2023: \u20ac 55.0m) for the purpose of managing the interest rate risk on its loans.Sensitivity of interest rateIf the three-month variable interest rate were to rise 100 basis points compared to 31 December 2024, the theoretical interest expenses for 2025 would increase by \u20ac 0.6m (2023: increase by \u20ac 0.6m), due to a 16.7% exposure on loans to variable interest rates, assuming no changes to the portfolio or financing (including margins). In case the variable interest rate would be 100 basis points lower, the interest expenses would decrease by \u20ac 0.6m (2023: decrease by \u20ac 0.6m). The financial derivatives are discounted (inclusive and exclusive of derivatives) in this calculation, but potential changes to the fair value of the derivatives are not.Analysis of average interest rates and interest rate revisionsThe table below shows the effective interest rate (the variable interest rate is based on 3-month Euribor as per 31 December) of financial assets and liabilities for which interest is payable at the balance sheet date, together with the dates when the rates will be reviewed.2024Interest rate Total < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 1.9% 219,769 - 39,974 99,851 79,944Variable interest loans 4.2% 54,437 5,000 49,437 - -Fixed interest as a result of swaps 7.5% 55,000 - 55,000 - -Total 3.2% 329,206 5,000 144,412 99,851 79,944Redemption obligations 5,000 5,000 - - -Balance as per 31 December 2024 324,206 - 144,412 99,851 79,9442023Interest rate Total < 1 year 1 - 2 years 2 - 5 years > 5 yearsFixed interest loans 2.0% 219,697 - - 89,781 129,916Variable interest loans 5.7% 59,148 - - 59,148 -Fixed interest as a result of swaps 5.2% 54,787 - - 54,787 -Total 3.2% 333,632 - - 203,717 129,916Redemption obligations - - - - -Balance as per 31 December 2023 333,632 - - 203,717 129,916The total average effective interest rate in 2024 is 3.2% (2023: 3.2%). Credit riskCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2024 31 December 2023Financial fixed assets - -Debtors and other receivables 1,558 1,887Cash and cash equivalents 8,451 202Credit risk 10,009 2,089BanksThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TenantsThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively monitoring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2024 31 December 2023Up to 1 month expired 292 901From 1 to 3 months expired 115 216From 3 months to 1 year expired 246 231More than 1 year expired 272 386Gross debtors 925 1,734Aside from bank guarantees, security deposits for \u20ac 5.4m (2023: \u20ac 5.3m) were obtained to cover for potential loss of creditwor-thiness of tenants with regard to the receivables, of which \u20ac 1.5m (2023: \u20ac 1.8m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2024 2023Balance as per 1 January 353 349Addition to / release of provision -19 10Write-off bad debts -119 -6Balance as per 31 December 215 353Impairment losses recognised at 31 December 2024 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allow-ance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared char-acteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.6% and for trade receiva-bles more than 90 days expired these rates are:> 90 days expiredOffices 45.00%HNK 77.15%Other 62.88%",
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},
"f1__s7__6__109": {
"value": "Liquidity riskInvesting in property is a capital-intensive activity. The property portfolio is financed partly with equity and partly with debt.Funding with debt carries refinancing risks. The potential impact is that there is insufficient liquidity available to meet the compa-ny\u2019s obligations at the moment of the interest payment or repayment. Liquidity risk involves the risk of the group having problems fulfilling its financial obligations. The basic principle of liquidity risk management is that sufficient resources should be kept avail-able, if possible, for the group to fulfil its current and future financial obligations under normal and difficult circumstances and without incurring unacceptable losses or harming the reputation of the group.Liquidity risk management involves ensuring the availability of adequate credit facilities. To spread its liquidity risk, the group has funded its operations with various loans and shareholders\u2019 equity. Furthermore, measures have been taken to ensure a higher occupancy rate and to prevent financial losses resulting from the bankruptcies of tenants. Fluctuations in the company\u2019s liquidity needs are absorbed by undrawn parts of committed credit facilities of \u20ac 240.0m (maturity: 1.9 years; 2023: \u20ac 290.0m, maturity: 2.9 years).The interest and repayment obligations were safeguarded for 2023 based on the undrawn parts of committed credit facilities, extensions on loans and lease agreements. Maturity dates are spread over time to minimise liquidity risk. The average remaining maturity of loans is 3.5 years (2023: 4.5 years).At year-end 2024 the group had \u20ac 25.0m of current account committed credit facilities with banks at its disposal, of which \u20ac 17.1m was drawn. The undrawn committed credit facilities of the interest-bearing loans and current account credit facilities amounted to \u20ac 247.9m at 31 December 2024. Furthermore, cash and cash equivalents amounted to \u20ac 8.5m at 31 December 2024. This brings the total of unused credit facilities and cash and cash equivalents to \u20ac 256.4m at 31 December 2024.The contractual periods of the financial liabilities, including the estimated interest payments are stated below:2024Book value Contractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 329,206 355,818 4,413 4,486 157,722 107,950 81,247Other non-current liabilities 5,648 6,204 - - 1,604 3,393 1,207Debts to credit institutions 17,134 17,134 17,134 - - - -Creditors and other payables 14,805 14,827 14,231 596 - - -Non-derivative financial liabilities 366,793 393,983 35,778 5,082 159,326 111,343 82,455Derivative financial instruments 1,606 830 165 168 332 165 -Total 368,399 394,813 35,943 5,250 159,658 111,508 82,4552023Book valueContractual cash flowTotal < 6 months 6-12 months 1 - 2 years 2 - 5 years > 5 yearsLoans 333,632 376,124 5,233 5,291 10,525 222,181 132,894Other non-current liabilities 4,533 4,946 - - 689 2,835 1,422Debts to credit institutions 11,012 11,012 11,012 - - - -Creditors and other payables 16,724 16,733 16,276 457 - - -Non-derivative financial liabilities 365,901 408,816 32,522 5,748 11,213 225,016 134,317Derivative financial instruments 1,608 1,249 178 180 357 534 -Total 367,509 410,064 32,700 5,928 11,570 225,550 134,317The gross inflow / outflow reflected in these tables show the non-discounted contractual cash flows related to the derivative financial liabilities held for risk management purposes that are generally not terminated before the end of the contractual period. The information shows the net cash flow amounts for derivatives settled net in cash and the gross cash inflows and outflows for derivatives that are simultaneously settled gross in cash.The interest payments on the loans in the above table with variable interest rates and interest rate swaps used for hedging purposes are based on market interest rates at the end of the reporting period. The amounts may change due to changes in market interest rates. It is not expected that the cash flows assumed in the maturity analysis will occur significantly earlier or with significantly different amounts.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__110": {
"value": "Market riskMarket risk exists because of price changes. The purpose of market risk management is to manage and control market risk exposures within acceptable limits while simultaneously optimising returns. Market risk consists of interest rate risk and foreign currency risk. The group uses derivatives to manage the market risk of volatility of interest rates. Such transactions take place within the guidelines laid down in the treasury policy.There is no remaining currency risk exposure at the end of December 2024.",
"dimensions": {
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"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__111-1": {
"value": "Credit riskCredit risk is defined as the risk of financial loss to the group if a customer or counterparty to a financial instrument fails to meet their contractual obligations. Credit risks mainly arise from tenant receivables. The book value of the financial assets represents the maximum exposure to credit risk. The maximum credit risk on the balance sheet date was as follows:31 December 2024 31 December 2023Financial fixed assets - -Debtors and other receivables 1,558 1,887Cash and cash equivalents 8,451 202Credit risk 10,009 2,089BanksThe risks associated with a possible non-performance by counterparties are minimised by entering into transactions for loans and derivative financial instruments and cash management with various reputable banks. These banks have credit ratings of at least A1 (Moody\u2019s) or A- (Standard & Poor\u2019s). Management actively monitors the credit ratings.TenantsThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively monitoring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2024 31 December 2023Up to 1 month expired 292 901From 1 to 3 months expired 115 216From 3 months to 1 year expired 246 231More than 1 year expired 272 386Gross debtors 925 1,734Aside from bank guarantees, security deposits for \u20ac 5.4m (2023: \u20ac 5.3m) were obtained to cover for potential loss of creditwor-thiness of tenants with regard to the receivables, of which \u20ac 1.5m (2023: \u20ac 1.8m) is relating to expiring lease contracts within one year.Movement in the provision for impairment of doubtful debts was as follows:2024 2023Balance as per 1 January 353 349Addition to / release of provision -19 10Write-off bad debts -119 -6Balance as per 31 December 215 353Impairment losses recognised at 31 December 2024 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allow-ance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared char-acteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.6% and for trade receiva-bles more than 90 days expired these rates are:> 90 days expiredOffices 45.00%HNK 77.15%Other 62.88%",
"dimensions": {
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"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__114": {
"value": "TenantsThe creditworthiness of tenants is closely monitored by careful screening the credit scores of tenants in advance and by actively monitoring debtor balances. In addition, rent is generally paid in advance and tenants are required to provide collateral for rent payments for a limited period of three months in the form of guarantee payments or bank guarantees. As the tenant base consists of a large number of different parties, there is no concentration of credit risk.The maturity of (gross) receivables was as follows:31 December 2024 31 December 2023Up to 1 month expired 292 901From 1 to 3 months expired 115 216From 3 months to 1 year expired 246 231More than 1 year expired 272 386Gross debtors 925 1,734Aside from bank guarantees, security deposits for \u20ac 5.4m (2023: \u20ac 5.3m) were obtained to cover for potential loss of creditwor-thiness of tenants with regard to the receivables, of which \u20ac 1.5m (2023: \u20ac 1.8m) is relating to expiring lease contracts within one year.",
"dimensions": {
"concept": "ifrs-full:DisclosureOfDepositsFromCustomersExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__115": {
"value": "Movement in the provision for impairment of doubtful debts was as follows:2024 2023Balance as per 1 January 353 349Addition to / release of provision -19 10Write-off bad debts -119 -6Balance as per 31 December 215 353Impairment losses recognised at 31 December 2024 were related to various tenants who indicated that they would not be able to pay outstanding balances due to the economic circumstances. The Group applies the IFRS 9 simplified approach to measure expected credit losses which uses a lifetime expected loss allow-ance for all trade receivables. To measure the expected credit losses, trade receivables have been grouped based on shared char-acteristics and the days past due date, adjusted if deemed needed with forward looking information.On this basis the expected loss rate for trade receivables which are less than 90 days expired is below 3.6% and for trade receiva-bles more than 90 days expired these rates are:> 90 days expiredOffices 45.00%HNK 77.15%Other 62.88%",
"dimensions": {
"concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__116": {
"value": "24. Off-balance sheet assets and liabilitiesOff- balance sheet assetsPark Office, Rotterdam - New owner of the buildingIn December 2021 NSI sold the Park Office, Rotterdam asset. NSI agreed a conditional additional payment of \u20ac 2.5m (earn-out clause relating to transformation potential), to be paid by the new owner or future owner(s), if an irrevocable environmental permit will be obtained by the owner before 2050.Off- balance sheet liabilitiesOtherThe company has entered into investment commitments for an amount of \u20ac 3.9m (31 December 2023: \u20ac5.4m) relating to invest-ment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contrac-tual obligations for \u20ac 7.2m (31 December 2023: \u20ac 6.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__118": {
"value": "OtherThe company has entered into investment commitments for an amount of \u20ac 3.9m (31 December 2023: \u20ac5.4m) relating to invest-ment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contrac-tual obligations for \u20ac 7.2m (31 December 2023: \u20ac 6.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__117": {
"value": "OtherThe company has entered into investment commitments for an amount of \u20ac 3.9m (31 December 2023: \u20ac5.4m) relating to invest-ment properties. For maintenance, technical property management, IT-providers etc. the company has entered into other contrac-tual obligations for \u20ac 7.2m (31 December 2023: \u20ac 6.6m).",
"dimensions": {
"concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__119": {
"value": "25. Related partiesThe following parties qualify as related parties: \u2022 The company and its subsidiaries;\u2022 Its Supervisory Board members and;\u2022 Management Board members. NSI defines its statutory Management Board as \u201ckey management personnel\u201d. Interests of major investorsNotifications of shareholdings of more than 3% are disclosed under the Dutch Disclosure of Major Holdings in Listed Companies Act. According to the Dutch Authority for the Financial Markets (AFM) the following shareholders hold a stake of more than 3% on 31 December:31 December 2024 31 December 2023First Sponsor Group Limited 22.0% -Compass Asset Management SA 5.1% -BlackRock Inc. 3.0% 5.6%ICAMAP Investments SARL - 10.0%Clearance Capital Limited - 5.1%Supervisory Board and Management Board MembersThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. Remuneration of the Supervisory Board2024 2023Jan-Willem de Geus 56 59Jan-Willem Dockheer 44 44Margreet Haandrikman 44 44Marlies Janssen (as from 28 February 2024) 36 -Karin Koks-van der Sluis (up to 19 April 2024) 13 48Harm Meijer (up to 19 June 2023) - 20Neo Teck Pheng (as from 30 September 2024) 9 - Remuneration of the Supervisory Board 201 215Waived remuneration Neo Teck Pheng (provision to be released in 2025) -9 -Remuneration Supervisory Board (corrected for waived remuneration) 192 215A provision was made in 2024 for the Supervisory Board fee and expenses of Mr. Neo based on his time served as member since 1 October 2024. Mr. Neo has waived his SB fee and his right to reimbursement of (travel) expenses. This provision will therefore be released in 2025.The schedule includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2024. Mr. Neo Teck Pheng is the Group CEO and Executive Director of First Sponsor Group Limited, holding 22.0% of the shares as per 31 December 2024.Remuneration of the Management Board2024SalaryVariableSocial Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 102 16 21 -12 563 18,600Alianne de Jong (up to 15 November 2023) - - -3 - - - -3 -Elke Snijder (as from 1 May 2024) 247 101 77 11 11 3 450 1,031Remuneration of the Management Board 683 101 176 27 32 -9 1,010 19,6312023Salary Variable Social Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 82 15 20 2 554 1 7,70 0Alianne de Jong (up to 15 November 2023) 295 - 96 13 14 -9 409 8,522Remuneration of the Management Board 730 - 178 28 34 -7 963 26,222NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. As the CFO only started as per 1 May 2024, the LTI of the CFO covers the period May to December 2024. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addition, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel reten-tion rate and sustainability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2024, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 98k (STI) and for the former CFO to \u20ac 100k (STI). The provision included in the balance sheet as per end of December 2024 amounts to \u20ac 269k. The provisions for the CEO and CFO on 31 December 2024 amount to respectively \u20ac 91k (STI) and \u20ac 178k (LTI of \u20ac 101k, STI of \u20ac 77k).The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2024.No share options and no loansNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..",
"dimensions": {
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"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
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"f1__s7__6__121": {
"value": "Supervisory Board and Management Board MembersThe members of the Supervisory and Management Boards of NSI N.V. have no direct personal interest in the investments made by NSI N.V., nor did they have such an interest at any time in the past year. The company is not aware of any investment property transactions with persons or institutions that could be considered to have a direct relationship with the company in the reporting year. Remuneration of the Supervisory Board2024 2023Jan-Willem de Geus 56 59Jan-Willem Dockheer 44 44Margreet Haandrikman 44 44Marlies Janssen (as from 28 February 2024) 36 -Karin Koks-van der Sluis (up to 19 April 2024) 13 48Harm Meijer (up to 19 June 2023) - 20Neo Teck Pheng (as from 30 September 2024) 9 - Remuneration of the Supervisory Board 201 215Waived remuneration Neo Teck Pheng (provision to be released in 2025) -9 -Remuneration Supervisory Board (corrected for waived remuneration) 192 215A provision was made in 2024 for the Supervisory Board fee and expenses of Mr. Neo based on his time served as member since 1 October 2024. Mr. Neo has waived his SB fee and his right to reimbursement of (travel) expenses. This provision will therefore be released in 2025.The schedule includes the payment the Supervisory Board members receive as a member of the Audit Committee, the Remunera-tion Committee, the Selection & Appointment Committee and the Real Estate Committee.The Supervisory Board members did not hold any shares in the company at the end of 2024. Mr. Neo Teck Pheng is the Group CEO and Executive Director of First Sponsor Group Limited, holding 22.0% of the shares as per 31 December 2024.Remuneration of the Management Board2024SalaryVariableSocial Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 102 16 21 -12 563 18,600Alianne de Jong (up to 15 November 2023) - - -3 - - - -3 -Elke Snijder (as from 1 May 2024) 247 101 77 11 11 3 450 1,031Remuneration of the Management Board 683 101 176 27 32 -9 1,010 19,6312023Salary Variable Social Pension Other Total Equity Long term Short termsecurityholding # sharesBernd Stahli 436 - 82 15 20 2 554 1 7,70 0Alianne de Jong (up to 15 November 2023) 295 - 96 13 14 -9 409 8,522Remuneration of the Management Board 730 - 178 28 34 -7 963 26,222NSI shares held by directors are purchased at their own risk and expense.The remuneration of the Management Board consists of a base salary, a variable remuneration and secondary employment benefits.The variable component consists of a long-term incentive (LTI) and a short-term incentive (STI).The LTI concerns a rolling cash incentive plan covering a three-year period. As the CFO only started as per 1 May 2024, the LTI of the CFO covers the period May to December 2024. The LTI is capped to 90% of the base salary at the moment of the grant for the CEO and at 45% for the CFO. It is based on the total shareholder return (TSR) during the LTI-period. This TSR takes into account the NSI share price at the beginning and at the end of the period as well as dividends distributed during the period. In addition, NSI\u2019s TSR is compared with a benchmark TSR. The STI concerns an annual performance related cash incentive. The collective performance measures in the STI represent short-term results needed for sustainable value creation with respect to the most important achievement areas of the company. These could include occupancy rate, like-for-like net rental income, EPRA earnings per share, organisational targets like personnel reten-tion rate and sustainability performance. Next to these collective measures the company could also apply individual targets, related to the individual roles of the members and specific short-term achievements needed for NSI.The STI is capped to 24% of the base salary for the CEO and to 36% of the base salary for the CFO.The variable remuneration is a cash-settled, share-based payment transaction. Its allocation is paid in cash under the condition that the respective Management Board member uses two-thirds of the net amount of the LTI and one-third of the net amount of the STI to purchase NSI shares until the shareholding requirement has been met.During 2024, no LTI remuneration was paid; the variable remuneration paid to the CEO amounted to \u20ac 98k (STI) and for the former CFO to \u20ac 100k (STI). The provision included in the balance sheet as per end of December 2024 amounts to \u20ac 269k. The provisions for the CEO and CFO on 31 December 2024 amount to respectively \u20ac 91k (STI) and \u20ac 178k (LTI of \u20ac 101k, STI of \u20ac 77k).The variable component in the remuneration overviews consists of the balance of the release of prior year provisions versus the actual payments made to the Management Board and the additional provision taken in the course of 2024.No share options and no loansNo members of the Management Board or Supervisory Board hold option rights in NSI N.V.. No loans, advances or guarantees have been provided to members of the Management Board or Supervisory Board by NSI N.V..",
"dimensions": {
"concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
}
},
"f1__s7__6__122": {
"value": "26. SubsidiariesThe following subsidiaries are included in the consolidated financial statements: 31 December 2024 31 December 2023NSI Real Estate B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Kantoren B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed I B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed IV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed V B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed IX B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed X B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIX B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0%100.0%NSI Vastgoed I B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed II B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed III B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed IV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed V B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed VIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed IX B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed X B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed I B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed II B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XLIV B.V. Amsterdam, The Netherlands 100.0% -NSI Vastgoed XLIV B.V. Amsterdam, The Netherlands 100.0% -NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Flexoffices B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed II B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed III B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XV B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVI B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XVIII B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed XIX B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Vastgoed III B.V. Amsterdam, The Netherlands 100.0% 100.0%HNK Services B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Development B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Projects I B.V. Amsterdam, The Netherlands 100.0% 100.0%NSI Projects II B.V. Amsterdam, The Netherlands - 100.0%NSI Projects III B.V. Amsterdam, The Netherlands - 100.0%",
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"language": "en",
"entity": "scheme:724500I77C30W2LZZJ03",
"period": "2024-01-01T00:00:00/2025-01-01T00:00:00"
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}
}